
. u realdata,clear

. 
. *set macros
. mac def noise "gender sen1 tenurep countries day2 day3 day4 day5 timelocal  duration reli aa*  "

. *note we use log(hrs) not level of hours as before
. mac def extras "uncons lfirmage public uncons ldegree* mba* lhrs*  "

. 
. ge probyr=year==.

. egen mprobyr=max(probyr),by(code)

. 
. so code

. keep if code~=code[_n-1]
(5535 observations deleted)

. 
. *****************FIGURE 1
. histogram amanagement if cty=="fr",bin(50) ylabel(0 0.2 0.4 0.6 0.8 1.0 1.2)
(bin=50, start=1.1111112, width=.07333333)

. *graph export "D:\data\Management\QJE\Figure1a.tif", as(tif) preview(on) replace
. histogram amanagement if cty=="gr",bin(50) ylabel(0 0.2 0.4 0.6 0.8 1.0 1.2)
(bin=50, start=1.5555556, width=.06222222)

. *graph export "D:\data\Management\QJE\Figure1b.tif", as(tif) preview(on) replace
. histogram amanagement if cty=="uk",bin(50) ylabel(0 0.2 0.4 0.6 0.8 1.0 1.2)
(bin=50, start=1.0555556, width=.07611111)

. *graph export "D:\data\Management\QJE\Figure1c.tif", as(tif) preview(on) replace
. histogram amanagement if cty=="us",bin(50) ylabel(0 0.2 0.4 0.6 0.8 1.0 1.2)
(bin=50, start=1.6111112, width=.06444445)

. *graph export "D:\data\Management\QJE\Figure1d.tif", as(tif) preview(on) replace
. 
. *****************FIGURE 2
. histogram amanagement if (famcontrol50_2ceop==1|competition<=2)&famceomiss==0,bin(50) ylabel(0 0.2 0.4 0.6 0.8 1.0 1.2)
(bin=50, start=1.0555556, width=.07444444)

. *graph export "D:\data\Management\QJE\Figure2.tif", as(tif) preview(on) replace
. gen low=(amanagement<=2)

. su low if (famcontrol50_2ceop==1|competition<=2)&famceomiss==0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
         low |       414    .0966184    .2957948          0          1

. 
. *****************FIGURE 3
. histogram amanagement if (famcontrol50_2ceop==0&competition==3)&famceomiss==0,bin(50) ylabel(0 0.2 0.4 0.6 0.8 1.0 1.2)
(bin=50, start=1.2222222, width=.07277778)

. *graph export "D:\data\Management\QJE\Figure3.tif", as(tif) preview(on) replace
. su low if (famcontrol50_2ceop==0&competition==3)&famceomiss==0

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
         low |       308    .0292208    .1686989          0          1

. 
. ******************************************************************************************************
. *********************************************TABLE I*****************************************
. ******************************************************************************************************
. u realdata,replace

. set more 1

. egen lp_av=mean(lp),by(code)
(11 missing values generated)

. egen le_av=mean(le),by(code)

. egen lm_av=mean(lm),by(code)
(139 missing values generated)

. egen roce_av=mean(roce),by(code)
(140 missing values generated)

. 
. so code year

. gen x=(code~=code[_n+1])

. egen snoj=sum(x),by(sic3)

. drop x

. 
. 
. *Col 1
. reg ls zmanagement le le_f le_g le_un le_us uncons cyy* if lm~=.&lp~=.,rob cluster(code)

Linear regression                                      Number of obs =    5350
                                                       F( 48,   708) =       .
                                                       Prob > F      =       .
                                                       R-squared     =  0.9063
                                                       Root MSE      =  .44667

                                 (Std. Err. adjusted for 709 clusters in code)
------------------------------------------------------------------------------
             |               Robust
          ls |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
 zmanagement |    .074518    .024087     3.09   0.002     .0272275    .1218085
          le |   1.080061   .0340602    31.71   0.000      1.01319    1.146932
       le_fr |  -.0953049    .052049    -1.83   0.068    -.1974937    .0068839
       le_gr |   -.105172   .0463242    -2.27   0.023    -.1961213   -.0142226
   le_uncons |   .0996634   .0595456     1.67   0.095    -.0172436    .2165704
       le_us |  -.0906472   .0376272    -2.41   0.016    -.1645214    -.016773
      uncons |  -.3220767   .3891347    -0.83   0.408    -1.086073    .4419194
        cyy1 |  -1.300194    .328244    -3.96   0.000    -1.944642   -.6557461
        cyy2 |  -1.223272   .3293145    -3.71   0.000    -1.869822    -.576722
        cyy3 |  -1.138172    .332571    -3.42   0.001    -1.791116   -.4852289
        cyy4 |  -1.104523   .3327888    -3.32   0.001    -1.757894   -.4511517
        cyy5 |  -1.128477   .3307014    -3.41   0.001     -1.77775   -.4792044
        cyy6 |  -1.154412   .3273455    -3.53   0.000    -1.797097   -.5117283
        cyy7 |  -1.189066   .3250187    -3.66   0.000    -1.827182   -.5509507
        cyy8 |  -1.174231    .326574    -3.60   0.000    -1.815401   -.5330621
        cyy9 |  -1.053597   .3267042    -3.22   0.001    -1.695023   -.4121724
       cyy10 |  -.9167936   .3249793    -2.82   0.005    -1.554832   -.2787551
       cyy11 |  -.8565223   .3435971    -2.49   0.013    -1.531114   -.1819311
       cyy12 |  -.5194304    .342366    -1.52   0.130    -1.191605    .1527436
       cyy13 |  -.4029362    .341309    -1.18   0.238    -1.073035    .2671628
       cyy14 |  -.3818963   .3492734    -1.09   0.275    -1.067632    .3038392
       cyy15 |  -.3515429   .3455108    -1.02   0.309    -1.029891    .3268055
       cyy16 |  -.3498601   .3457692    -1.01   0.312    -1.028716    .3289956
       cyy17 |  -.4935479   .3431369    -1.44   0.151    -1.167236    .1801398
       cyy18 |  -.4961968   .3415012    -1.45   0.147    -1.166673    .1742795
       cyy19 |  -.5177105   .3417679    -1.51   0.130     -1.18871    .1532894
       cyy20 |  -.3864426   .3408092    -1.13   0.257     -1.05556     .282675
       cyy21 |  -.1807824   .3406641    -0.53   0.596    -.8496152    .4880504
       cyy22 |  -.1200278   .3396911    -0.35   0.724    -.7869502    .5468945
       cyy23 |  -.0625409   .0027306   -22.90   0.000    -.0679019   -.0571798
       cyy24 |  -.0200448   .0009761   -20.54   0.000    -.0219613   -.0181284
       cyy25 |  (dropped)
       cyy26 |   .0165753   .0812832     0.20   0.838    -.1430096    .1761602
       cyy27 |   .0603022   .0825811     0.73   0.465    -.1018311    .2224354
       cyy28 |  -.2792524   .0583922    -4.78   0.000    -.3938949   -.1646099
       cyy29 |  -.3396068   .0526299    -6.45   0.000    -.4429361   -.2362774
       cyy30 |   -.352369   .0489153    -7.20   0.000    -.4484055   -.2563325
       cyy31 |  -.2067449   .0505441    -4.09   0.000    -.3059792   -.1075106
       cyy32 |  -.0229501   .0524745    -0.44   0.662    -.1259742    .0800741
       cyy33 |  -.1114943   .0487245    -2.29   0.022    -.2071561   -.0158325
       cyy34 |  -.4521143   .2803032    -1.61   0.107    -1.002439    .0982107
       cyy35 |  -.3567213   .2791958    -1.28   0.202    -.9048721    .1914295
       cyy36 |  -.3195611   .2805263    -1.14   0.255     -.870324    .2312019
       cyy37 |  -.2844359   .2808883    -1.01   0.312    -.8359097    .2670379
       cyy38 |  -.2730165   .2806039    -0.97   0.331    -.8239319    .2778988
       cyy39 |  -.2353965   .2807044    -0.84   0.402    -.7865091    .3157161
       cyy40 |   -.188513   .2813263    -0.67   0.503    -.7408465    .3638206
       cyy41 |  -.1763328   .2804001    -0.63   0.530    -.7268479    .3741823
       cyy42 |  -.1629793   .2802778    -0.58   0.561    -.7132544    .3872958
       cyy43 |  -.0866241   .2803438    -0.31   0.757    -.6370287    .4637806
       cyy44 |  -.0070937   .2806863    -0.03   0.980    -.5581707    .5439834
       _cons |   5.464004   .2556694    21.37   0.000     4.962043    5.965965
------------------------------------------------------------------------------

. *Col 2 - Standard
. reg ls zmanagement le lm  lp   lp_f lp_g lp_un lp_us  le_f le_g le_un le_us  lm_f lm_g lm_un lm_us uncons cyy* ,rob cluster(code)

Linear regression                                      Number of obs =    5350
                                                       F( 57,   708) =       .
                                                       Prob > F      =       .
                                                       R-squared     =  0.9737
                                                       Root MSE      =  .23685

                                 (Std. Err. adjusted for 709 clusters in code)
------------------------------------------------------------------------------
             |               Robust
          ls |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
 zmanagement |   .0387592   .0117189     3.31   0.001     .0157512    .0617671
          le |   .5224682   .0360808    14.48   0.000       .45163    .5933064
          lm |   .3005577   .0367755     8.17   0.000     .2283556    .3727599
          lp |    .186288   .0291482     6.39   0.000     .1290607    .2435153
       lp_fr |   .0941594   .0559373     1.68   0.093    -.0156635    .2039822
       lp_gr |  -.0201473   .0424585    -0.47   0.635     -.103507    .0632123
   lp_uncons |  -.0555229   .0468897    -1.18   0.237    -.1475824    .0365366
       lp_us |  -.1003271   .0320642    -3.13   0.002    -.1632794   -.0373749
       le_fr |   -.170058   .0821582    -2.07   0.039    -.3313609   -.0087552
       le_gr |  -.1781116   .0625334    -2.85   0.005    -.3008847   -.0553385
   le_uncons |   .0771497   .0843301     0.91   0.361    -.0884173    .2427166
       le_us |  -.0393623   .0455978    -0.86   0.388    -.1288853    .0501607
       lm_fr |   .0036732   .0606351     0.06   0.952    -.1153729    .1227193
       lm_gr |    .156412   .0531842     2.94   0.003     .0519944    .2608295
       lm_un |   .0707479   .0580371     1.22   0.223    -.0431976    .1846934
       lm_us |   .1302322   .0491944     2.65   0.008     .0336478    .2268167
      uncons |  -.5555417   .3020906    -1.84   0.066    -1.148642    .0375589
        cyy1 |   -.181252   .2909343    -0.62   0.533    -.7524491    .3899451
        cyy2 |  -.1422817   .2926333    -0.49   0.627    -.7168146    .4322513
        cyy3 |  -.0989412   .2957681    -0.33   0.738    -.6796286    .4817462
        cyy4 |   -.060603   .2949051    -0.21   0.837    -.6395961    .5183901
        cyy5 |  -.0893788   .2952242    -0.30   0.762    -.6689984    .4902409
        cyy6 |  -.0915109   .2935884    -0.31   0.755     -.667919    .4848971
        cyy7 |  -.0955771   .2927179    -0.33   0.744     -.670276    .4791219
        cyy8 |  -.0805745   .2936804    -0.27   0.784    -.6571633    .4960143
        cyy9 |   .0029118   .2944451     0.01   0.992    -.5751782    .5810019
       cyy10 |   .0804353   .2965305     0.27   0.786    -.5017491    .6626197
       cyy11 |   .0940461   .3078789     0.31   0.760    -.5104189     .698511
       cyy12 |   .3374315   .3174599     1.06   0.288    -.2858439     .960707
       cyy13 |   .3233858    .321915     1.00   0.315    -.3086364     .955408
       cyy14 |   .3029071   .3245028     0.93   0.351    -.3341958    .9400101
       cyy15 |   .3120389   .3225431     0.97   0.334    -.3212166    .9452943
       cyy16 |   .3168443   .3233233     0.98   0.327    -.3179428    .9516315
       cyy17 |   .2601206   .3199639     0.81   0.417     -.368071    .8883122
       cyy18 |   .2595304   .3196128     0.81   0.417    -.3679719    .8870327
       cyy19 |   .2326099   .3183773     0.73   0.465    -.3924667    .8576864
       cyy20 |    .318806    .321542     0.99   0.322    -.3124839    .9500958
       cyy21 |   .4226599   .3275526     1.29   0.197    -.2204308    1.065751
       cyy22 |   .3338572   .3330171     1.00   0.316    -.3199621    .9876765
       cyy23 |  -.0117962   .0063749    -1.85   0.065     -.024312    .0007197
       cyy24 |   .0188515   .0047497     3.97   0.000     .0095264    .0281766
       cyy25 |  (dropped)
       cyy26 |  -.1180085   .0584268    -2.02   0.044     -.232719   -.0032979
       cyy27 |  -.0357246    .046558    -0.77   0.443    -.1271328    .0556836
       cyy28 |  -.1832569   .0296167    -6.19   0.000     -.241404   -.1251098
       cyy29 |    -.20165   .0289487    -6.97   0.000    -.2584856   -.1448145
       cyy30 |  -.2440017   .0284428    -8.58   0.000     -.299844   -.1881593
       cyy31 |  -.1730186   .0278966    -6.20   0.000    -.2277886   -.1182485
       cyy32 |  -.0770954   .0296258    -2.60   0.009    -.1352604   -.0189304
       cyy33 |  -.0728317   .0252965    -2.88   0.004    -.1224967   -.0231667
       cyy34 |  -.1807014   .2719627    -0.66   0.507    -.7146513    .3532485
       cyy35 |   -.151803   .2739824    -0.55   0.580    -.6897182    .3861121
       cyy36 |   -.132086   .2751404    -0.48   0.631    -.6722747    .4081027
       cyy37 |  -.1181412   .2740911    -0.43   0.667    -.6562698    .4199874
       cyy38 |  -.1188771   .2748572    -0.43   0.666    -.6585099    .4207557
       cyy39 |  -.1011131   .2748016    -0.37   0.713    -.6406368    .4384105
       cyy40 |  -.0623775   .2771405    -0.23   0.822     -.606493    .4817381
       cyy41 |   -.083341   .2779177    -0.30   0.764    -.6289824    .4623003
       cyy42 |  -.0761298    .279106    -0.27   0.785    -.6241041    .4718446
       cyy43 |   -.051653   .2790374    -0.19   0.853    -.5994927    .4961867
       cyy44 |  -.0090298   .2798156    -0.03   0.974    -.5583975    .5403379
       _cons |   3.039253   .2436259    12.48   0.000     2.560937    3.517568
------------------------------------------------------------------------------

. *Col 3 - Standard
. areg ls zmanagement le lm  lp   lp_f lp_g lp_un lp_us  le_f le_g le_un le_us  lm_f lm_g lm_un lm_us cyy* $extras,ab(sic3) rob cluster(code)

Linear regression, absorbing indicators                Number of obs =    5350
                                                       F( 66, 708)   =       .
                                                       Prob > F      =
                                                       R-squared     =  0.9803
                                                       Adj R-squared =  0.9797
                                                       Root MSE      =  .20693

                                 (Std. Err. adjusted for 709 clusters in code)
------------------------------------------------------------------------------
             |               Robust
          ls |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
 zmanagement |   .0320178   .0111466     2.87   0.004     .0101335    .0539021
          le |   .5354968   .0332163    16.12   0.000     .4702826    .6007111
          lm |   .3057836   .0256323    11.93   0.000     .2554593     .356108
          lp |   .1472579   .0256266     5.75   0.000     .0969448    .1975711
       lp_fr |   .0662108   .0525739     1.26   0.208    -.0370086    .1694302
       lp_gr |  -.0145846   .0379704    -0.38   0.701    -.0891327    .0599634
   lp_uncons |  -.0418415     .04449    -0.94   0.347    -.1291895    .0455066
       lp_us |  -.0677192   .0314975    -2.15   0.032     -.129559   -.0058794
       le_fr |  -.1296055   .0754466    -1.72   0.086    -.2777313    .0185203
       le_gr |  -.1526655   .0583278    -2.62   0.009    -.2671817   -.0381493
   le_uncons |   .0484685   .0741007     0.65   0.513    -.0970149    .1939519
       le_us |  -.0000184   .0406685    -0.00   1.000    -.0798636    .0798269
       lm_fr |  -.0024219   .0558275    -0.04   0.965    -.1120291    .1071853
       lm_gr |   .1435228   .0427845     3.35   0.001     .0595231    .2275224
       lm_un |   .0581792   .0493923     1.18   0.239    -.0387938    .1551522
       lm_us |   .0976516   .0390519     2.50   0.013     .0209803     .174323
        cyy1 |   .0256426   .2560877     0.10   0.920    -.4771395    .5284248
        cyy2 |   .0570879   .2573851     0.22   0.825    -.4482415    .5624173
        cyy3 |   .1077555   .2593663     0.42   0.678    -.4014637    .6169747
        cyy4 |   .1523719   .2594217     0.59   0.557     -.356956    .6616997
        cyy5 |   .1272603    .259404     0.49   0.624    -.3820327    .6365534
        cyy6 |    .130481   .2590979     0.50   0.615    -.3782112    .6391732
        cyy7 |   .1156806   .2583936     0.45   0.655    -.3916289      .62299
        cyy8 |    .133609   .2589659     0.52   0.606     -.374824    .6420421
        cyy9 |   .2147719   .2588674     0.83   0.407    -.2934678    .7230115
       cyy10 |   .2901787   .2606655     1.11   0.266    -.2215912    .8019485
       cyy11 |   .2980537   .2671169     1.12   0.265    -.2263824    .8224897
       cyy12 |   .6000087   .2914504     2.06   0.040     .0277982    1.172219
       cyy13 |   .6016374    .295611     2.04   0.042     .0212584    1.182016
       cyy14 |   .5855344   .2998339     1.95   0.051    -.0031356    1.174204
       cyy15 |    .600858   .2976102     2.02   0.044      .016554    1.185162
       cyy16 |   .6049081   .2984495     2.03   0.043     .0189561     1.19086
       cyy17 |    .543844   .2948008     1.84   0.065    -.0349443    1.122632
       cyy18 |   .5457112    .294315     1.85   0.064    -.0321233    1.123546
       cyy19 |   .5222361   .2947678     1.77   0.077    -.0564874     1.10096
       cyy20 |   .6070196   .2964193     2.05   0.041     .0250535    1.188986
       cyy21 |   .7151508   .3005358     2.38   0.018     .1251027    1.305199
       cyy22 |   .6361989   .3019536     2.11   0.035     .0433672    1.229031
       cyy23 |  (dropped)
       cyy24 |   .0319171   .0018198    17.54   0.000     .0283443    .0354899
       cyy25 |   .0177688   .0064088     2.77   0.006     .0051862    .0303514
       cyy26 |   .0212021   .0797232     0.27   0.790    -.1353201    .1777243
       cyy27 |    .115159   .0925207     1.24   0.214    -.0664887    .2968068
       cyy28 |  -.0572841   .0612105    -0.94   0.350    -.1774598    .0628916
       cyy29 |  -.0865181   .0617179    -1.40   0.161      -.20769    .0346538
       cyy30 |  -.1234623   .0612543    -2.02   0.044     -.243724   -.0032005
       cyy31 |  -.0491688   .0643504    -0.76   0.445    -.1755093    .0771717
       cyy32 |   .0485106   .0661347     0.73   0.463    -.0813329    .1783541
       cyy33 |  -.0418763   .1374236    -0.30   0.761    -.3116828    .2279302
       cyy34 |  -.2551468   .2344287    -1.09   0.277    -.7154055    .2051118
       cyy35 |  -.2278628   .2359884    -0.97   0.335    -.6911836    .2354579
       cyy36 |  -.2141572   .2361173    -0.91   0.365    -.6777311    .2494168
       cyy37 |  -.1992503   .2359641    -0.84   0.399    -.6625234    .2640229
       cyy38 |   -.199664   .2364967    -0.84   0.399    -.6639827    .2646547
       cyy39 |  -.1866237   .2363343    -0.79   0.430    -.6506237    .2773762
       cyy40 |  -.1480627   .2385244    -0.62   0.535    -.6163625    .3202371
       cyy41 |  -.1661201   .2385602    -0.70   0.486    -.6344902    .3022501
       cyy42 |  -.1586614   .2394663    -0.66   0.508    -.6288104    .3114876
       cyy43 |  -.1353124   .2395253    -0.56   0.572    -.6055772    .3349525
       cyy44 |  -.0889476   .2404072    -0.37   0.712    -.5609439    .3830487
      uncons |  -.3770705   .2934459    -1.28   0.199    -.9531988    .1990579
    lfirmage |  -.0166598   .0095872    -1.74   0.083    -.0354825    .0021629
      public |   .0554797   .0353136     1.57   0.117    -.0138522    .1248117
      uncons |  (dropped)
     ldegree |   .0159036   .0116523     1.36   0.173    -.0069735    .0387808
 ldegreemiss |   .0102306    .075051     0.14   0.892    -.1371186    .1575798
         mba |   .0022681    .001633     1.39   0.165    -.0009381    .0054742
     mbamiss |   .0219235   .0458942     0.48   0.633    -.0681814    .1120285
        lhrs |    -.01053   .0090495    -1.16   0.245     -.028297    .0072371
       _cons |   3.109667   .2270676    13.69   0.000      2.66386    3.555473
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                     (103 categories)

. *Col 4 - Standard
. areg ls zmanagement lp le lm lp_f lp_g lp_un lp_us  le_f le_g le_un le_us  lm_f lm_g lm_un lm_us  $noise  cyy* $extras    ,ab(sic3) rob cluster(code)

Linear regression, absorbing indicators                Number of obs =    5350
                                                       F( 90, 708)   =       .
                                                       Prob > F      =
                                                       R-squared     =  0.9813
                                                       Adj R-squared =  0.9806
                                                       Root MSE      =   .2022

                                 (Std. Err. adjusted for 709 clusters in code)
------------------------------------------------------------------------------
             |               Robust
          ls |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
 zmanagement |   .0395756   .0119582     3.31   0.001     .0160978    .0630534
          lp |   .1470979   .0249517     5.90   0.000     .0981098    .1960861
          le |   .5221084   .0317495    16.44   0.000     .4597739    .5844428
          lm |    .307033   .0250642    12.25   0.000      .257824     .356242
       lp_fr |   .0555894   .0555183     1.00   0.317    -.0534109    .1645896
       lp_gr |    -.01059   .0377399    -0.28   0.779    -.0846855    .0635054
   lp_uncons |  -.0360169   .0470009    -0.77   0.444    -.1282948    .0562609
       lp_us |  -.0697854   .0308183    -2.26   0.024    -.1302917   -.0092791
       le_fr |  -.1382252   .0692601    -2.00   0.046     -.274205   -.0022453
       le_gr |  -.1583431   .0551478    -2.87   0.004    -.2666159   -.0500702
   le_uncons |   .0568152   .0656338     0.87   0.387     -.072045    .1856754
       le_us |   .0170417   .0394328     0.43   0.666    -.0603775    .0944609
       lm_fr |  -.0086909   .0543809    -0.16   0.873    -.1154581    .0980762
       lm_gr |   .1515277   .0420724     3.60   0.000     .0689262    .2341292
       lm_un |   .0493801   .0458187     1.08   0.282    -.0405767    .1393368
       lm_us |   .0918199   .0382259     2.40   0.017     .0167702    .1668696
      gender |   .0016204   .0556819     0.03   0.977     -.107701    .1109417
        sen1 |  -.0205363    .007727    -2.66   0.008    -.0357068   -.0053658
  tenurepost |   .0013614   .0016383     0.83   0.406    -.0018551    .0045779
   countries |   .0117368   .0132651     0.88   0.377    -.0143067    .0377804
        day2 |  -.0256028   .0278087    -0.92   0.358    -.0802002    .0289947
        day3 |  -.0123266   .0235747    -0.52   0.601    -.0586112    .0339581
        day4 |  -.0216038   .0272804    -0.79   0.429     -.075164    .0319564
        day5 |   .0205254   .0267222     0.77   0.443    -.0319388    .0729896
   timelocal |  -.0060564   .0029486    -2.05   0.040    -.0118454   -.0002674
    duration |   .0011147   .0008109     1.37   0.170    -.0004773    .0027067
        reli |  -.0033139    .010222    -0.32   0.746     -.023383    .0167552
         aa1 |  -.5611558   .1271768    -4.41   0.000    -.8108446    -.311467
         aa2 |  -.2420175    .133099    -1.82   0.069    -.5033335    .0192986
         aa3 |  (dropped)
         aa4 |  -.1791014   .1301852    -1.38   0.169    -.4346967    .0764938
         aa5 |   .0098045   .1387319     0.07   0.944    -.2625706    .2821796
         aa6 |  -.4241214   .1039764    -4.08   0.000    -.6282604   -.2199824
         aa7 |   -.254991   .1272762    -2.00   0.046     -.504875    -.005107
         aa8 |  -.2013569   .1195613    -1.68   0.093    -.4360941    .0333804
         aa9 |  -.2180266   .1159633    -1.88   0.061    -.4456996    .0096465
        aa10 |  -.2316307   .1213178    -1.91   0.057    -.4698165     .006555
        aa11 |  -.1848953   .1175211    -1.57   0.116    -.4156269    .0458362
        aa12 |  -.2468676   .1214426    -2.03   0.042    -.4852984   -.0084368
        aa13 |  -.3162083    .106019    -2.98   0.003    -.5243575   -.1080591
        aa14 |  -.2233976   .1186896    -1.88   0.060    -.4564233    .0096281
        aa15 |  -.2137413    .117091    -1.83   0.068    -.4436284    .0161458
        aa16 |   -.303477   .1350839    -2.25   0.025      -.56869    -.038264
        cyy1 |   .0747785   .2628573     0.28   0.776    -.4412945    .5908516
        cyy2 |   .1049489   .2639008     0.40   0.691    -.4131729    .6230707
        cyy3 |   .1575125    .265432     0.59   0.553    -.3636156    .6786405
        cyy4 |   .2019167   .2655224     0.76   0.447    -.3193889    .7232223
        cyy5 |   .1760267   .2653619     0.66   0.507    -.3449637    .6970172
        cyy6 |    .179701   .2649023     0.68   0.498     -.340387    .6997891
        cyy7 |   .1661564   .2644325     0.63   0.530    -.3530093     .685322
        cyy8 |   .1847998   .2651927     0.70   0.486    -.3358585    .7054581
        cyy9 |   .2650757   .2649424     1.00   0.317    -.2550911    .7852424
       cyy10 |   .3395011   .2667084     1.27   0.203    -.1841328    .8631351
       cyy11 |   .3490816   .2723859     1.28   0.200    -.1856991    .8838623
       cyy12 |   1.008262   .3075354     3.28   0.001     .4044716    1.612052
       cyy13 |   1.017166    .314654     3.23   0.001      .399399    1.634932
       cyy14 |   1.013156   .3194208     3.17   0.002     .3860308    1.640282
       cyy15 |   1.028508   .3167194     3.25   0.001     .4066861    1.650329
       cyy16 |   1.038039   .3177582     3.27   0.001     .4141782      1.6619
       cyy17 |   .9757113   .3142615     3.10   0.002     .3587152    1.592707
       cyy18 |   .9781955   .3141404     3.11   0.002     .3614373    1.594954
       cyy19 |   .9630253   .3142675     3.06   0.002     .3460176    1.580033
       cyy20 |   1.046985    .315366     3.32   0.001     .4278208     1.66615
       cyy21 |   1.156241   .3190631     3.62   0.000     .5298175    1.782664
       cyy22 |   1.097659   .3216368     3.41   0.001     .4661831    1.729135
       cyy23 |  (dropped)
       cyy24 |   .0313428   .0018219    17.20   0.000     .0277659    .0349198
       cyy25 |   .0161679   .0063087     2.56   0.011      .003782    .0285539
       cyy26 |   .0391574   .0935871     0.42   0.676    -.1445841    .2228988
       cyy27 |   .1180117   .1116678     1.06   0.291    -.1012278    .3372513
       cyy28 |  -.0706578   .0674165    -1.05   0.295    -.2030181    .0617024
       cyy29 |  -.0972251   .0672901    -1.44   0.149    -.2293372     .034887
       cyy30 |  -.1274156   .0669065    -1.90   0.057    -.2587744    .0039433
       cyy31 |  -.0522018   .0695014    -0.75   0.453    -.1886552    .0842517
       cyy32 |   .0388303   .0710755     0.55   0.585    -.1007137    .1783743
       cyy33 |  -.0280367   .1348709    -0.21   0.835    -.2928314     .236758
       cyy34 |  -.2319039   .2447076    -0.95   0.344    -.7123432    .2485355
       cyy35 |  -.2035825   .2466272    -0.83   0.409    -.6877906    .2806256
       cyy36 |  -.1886683   .2464515    -0.77   0.444    -.6725316    .2951949
       cyy37 |  -.1723233   .2467322    -0.70   0.485    -.6567376     .312091
       cyy38 |  -.1724769   .2472326    -0.70   0.486    -.6578737      .31292
       cyy39 |  -.1597745    .247122    -0.65   0.518     -.644954    .3254051
       cyy40 |  -.1211553   .2494543    -0.49   0.627     -.610914    .3686034
       cyy41 |  -.1388609   .2493821    -0.56   0.578    -.6284779    .3507561
       cyy42 |   -.131904   .2501103    -0.53   0.598    -.6229506    .3591425
       cyy43 |  -.1076998   .2502174    -0.43   0.667    -.5989567    .3835571
       cyy44 |  -.0608703   .2509741    -0.24   0.808    -.5536128    .4318722
      uncons |  (dropped)
    lfirmage |  -.0194057   .0094544    -2.05   0.040    -.0379678   -.0008436
      public |   .0646984   .0339692     1.90   0.057     -.001994    .1313909
      uncons |  -.4324964   .2740536    -1.58   0.115    -.9705514    .1055587
     ldegree |   .0194437   .0114578     1.70   0.090    -.0030517    .0419391
 ldegreemiss |    .019961   .0716016     0.28   0.780    -.1206158    .1605378
         mba |   .0018627   .0016826     1.11   0.269    -.0014408    .0051661
     mbamiss |   .0101755   .0435644     0.23   0.815    -.0753555    .0957064
        lhrs |  -.0126811   .0087948    -1.44   0.150    -.0299481    .0045858
       _cons |   3.447415   .2854622    12.08   0.000     2.886961    4.007869
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                     (103 categories)

. *Col 5 - USE BVR_OP3.DO 
. *Col 6 
. areg roce zmanagement lp le lm  lp_f lp_g lp_un lp_us  le_f le_g le_un le_us  lm_f lm_g lm_un lm_us  $noise  cyy* $extras    ,ab(sic3) rob cluster(code)

Linear regression, absorbing indicators                Number of obs =    5089
                                                       F( 90, 689)   =       .
                                                       Prob > F      =
                                                       R-squared     =  0.2896
                                                       Adj R-squared =  0.2613
                                                       Root MSE      =   13.56

                                 (Std. Err. adjusted for 690 clusters in code)
------------------------------------------------------------------------------
             |               Robust
        roce |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
 zmanagement |   2.451702   .6830811     3.59   0.000     1.110531    3.792872
          lp |  -1.934838   1.390266    -1.39   0.164    -4.664503    .7948277
          le |   1.432242   1.712581     0.84   0.403    -1.930262    4.794745
          lm |   1.081142   1.025117     1.05   0.292    -.9315857     3.09387
       lp_fr |  -4.894332   2.456275    -1.99   0.047    -9.717015   -.0716484
       lp_gr |  -2.122305   1.937547    -1.10   0.274    -5.926509    1.681899
   lp_uncons |    4.88579    2.16021     2.26   0.024     .6444057    9.127175
       lp_us |   2.486945   1.625928     1.53   0.127     -.705423    5.679314
       le_fr |   7.622612    2.82019     2.70   0.007     2.085415    13.15981
       le_gr |  -2.791893   2.699275    -1.03   0.301    -8.091685    2.507899
   le_uncons |  -10.42296   2.740993    -3.80   0.000    -15.80467   -5.041264
       le_us |   .6786417   1.946058     0.35   0.727    -3.142273    4.499557
       lm_fr |  -1.693587   2.401523    -0.71   0.481    -6.408768    3.021595
       lm_gr |   3.017393   2.149002     1.40   0.161    -1.201985    7.236771
       lm_un |    1.45756   2.275397     0.64   0.522    -3.009984    5.925103
       lm_us |  -1.998271   1.254109    -1.59   0.112    -4.460604    .4640626
      gender |  -2.762782   2.499791    -1.11   0.269    -7.670903     2.14534
        sen1 |  -.1898062   .4440578    -0.43   0.669    -1.061675    .6820628
  tenurepost |   .0216161   .0933455     0.23   0.817    -.1616598    .2048919
   countries |  -.4253972    .561285    -0.76   0.449    -1.527432    .6766371
        day2 |  -3.401551   1.368456    -2.49   0.013    -6.088396   -.7147053
        day3 |  -1.480436   1.263786    -1.17   0.242    -3.961769    1.000897
        day4 |  -3.210433   1.402282    -2.29   0.022    -5.963692   -.4571743
        day5 |  -2.411568   1.447114    -1.67   0.096    -5.252851    .4297141
   timelocal |  -.1001553   .1698017    -0.59   0.555    -.4335462    .2332356
    duration |   .0109515   .0444438     0.25   0.805      -.07631    .0982131
        reli |   1.010112    .617024     1.64   0.102     -.201361    2.221585
         aa1 |   3.338369   7.390064     0.45   0.652    -11.17138    17.84812
         aa2 |  -5.910274    9.00117    -0.66   0.512    -23.58329    11.76274
         aa3 |  (dropped)
         aa4 |   -4.90425   8.829671    -0.56   0.579    -22.24054    12.43204
         aa5 |   2.940893   10.82621     0.27   0.786    -18.31542    24.19721
         aa6 |   5.770831   5.560966     1.04   0.300    -5.147641     16.6893
         aa7 |  -2.633505   9.001309    -0.29   0.770    -20.30679    15.03978
         aa8 |   .3617349    7.62509     0.05   0.962    -14.60947    15.33294
         aa9 |   2.247693   7.438175     0.30   0.763    -12.35652     16.8519
        aa10 |   .0889133   7.621404     0.01   0.991    -14.87505    15.05288
        aa11 |   .3872055   7.559022     0.05   0.959    -14.45428    15.22869
        aa12 |  -1.930998   7.745197    -0.25   0.803    -17.13802    13.27602
        aa13 |   2.453975   5.545474     0.44   0.658    -8.434081    13.34203
        aa14 |   .7874109   7.525595     0.10   0.917    -13.98844    15.56326
        aa15 |    1.30121   7.535178     0.17   0.863    -13.49346    16.09588
        aa16 |    4.39947   9.599778     0.46   0.647    -14.44886     23.2478
        cyy1 |  -5.990405   13.84159    -0.43   0.665    -33.16716    21.18635
        cyy2 |  -8.006756   13.66518    -0.59   0.558    -34.83715    18.82363
        cyy3 |    -7.0949   13.93453    -0.51   0.611    -34.45414    20.26434
        cyy4 |  -6.348478   13.79259    -0.46   0.645    -33.42902    20.73207
        cyy5 |  -8.701236   13.80426    -0.63   0.529     -35.8047    18.40223
        cyy6 |  -12.18205    13.7901    -0.88   0.377    -39.25772    14.89362
        cyy7 |  -13.29049   13.91513    -0.96   0.340    -40.61164    14.03066
        cyy8 |  -15.56397   13.83309    -1.13   0.261    -42.72404    11.59611
        cyy9 |  -16.69271   13.95618    -1.20   0.232    -44.09445    10.70904
       cyy10 |   -16.6593   13.83094    -1.20   0.229    -43.81514    10.49654
       cyy11 |  -15.24577   14.07712    -1.08   0.279    -42.88498    12.39344
       cyy12 |  -3.126802   16.99143    -0.18   0.854      -36.488    30.23439
       cyy13 |   .8967281   16.94339     0.05   0.958    -32.37014    34.16359
       cyy14 |  -3.864892   16.91731    -0.23   0.819    -37.08057    29.35078
       cyy15 |   -1.48279   16.94461    -0.09   0.930    -34.75206    31.78648
       cyy16 |  -3.097166   16.95792    -0.18   0.855    -36.39256    30.19823
       cyy17 |  -1.406532   16.94691    -0.08   0.934    -34.68032    31.86725
       cyy18 |  -1.115307   17.04319    -0.07   0.948    -34.57813    32.34752
       cyy19 |  -1.915584   17.01374    -0.11   0.910    -35.32059    31.48942
       cyy20 |  -4.581537   17.10088    -0.27   0.789    -38.15763    28.99456
       cyy21 |  -6.309211   17.13966    -0.37   0.713    -39.96144    27.34301
       cyy22 |  -10.59358   17.39404    -0.61   0.543    -44.74526    23.55809
       cyy23 |  -13.36888   5.014683    -2.67   0.008    -23.21477   -3.522987
       cyy24 |  -5.432124   5.012046    -1.08   0.279    -15.27284    4.408592
       cyy25 |  -10.22113   5.021477    -2.04   0.042    -20.08036   -.3618973
       cyy26 |  (dropped)
       cyy27 |   9.725758   3.381612     2.88   0.004     3.086258    16.36526
       cyy28 |  -7.310328   4.107525    -1.78   0.076     -15.3751    .7544394
       cyy29 |  -7.232882   4.062932    -1.78   0.075    -15.21009    .7443306
       cyy30 |  -8.699207   3.995121    -2.18   0.030    -16.54328    -.855135
       cyy31 |  -8.937327   4.014935    -2.23   0.026     -16.8203   -1.054351
       cyy32 |  -10.59137   4.171969    -2.54   0.011    -18.78267   -2.400075
       cyy33 |  -10.44621    7.29054    -1.43   0.152    -24.76055    3.868129
       cyy34 |  -10.10301   12.75282    -0.79   0.429    -35.14206    14.93604
       cyy35 |  -8.686542   12.76517    -0.68   0.496    -33.74983    16.37675
       cyy36 |  -8.893188   12.76773    -0.70   0.486    -33.96151    16.17513
       cyy37 |  -9.467073   12.78019    -0.74   0.459    -34.55987    15.62572
       cyy38 |  -11.89888   12.80477    -0.93   0.353    -37.03994    13.24217
       cyy39 |  -12.63666   12.80002    -0.99   0.324    -37.76838    12.49506
       cyy40 |  -12.59699   12.85174    -0.98   0.327    -37.83025    12.63628
       cyy41 |  -15.28368   12.85131    -1.19   0.235    -40.51611    9.948742
       cyy42 |  -16.37854   12.82275    -1.28   0.202    -41.55489    8.797815
       cyy43 |  -16.38635   12.86559    -1.27   0.203    -41.64681    8.874122
       cyy44 |  -14.80712   12.85439    -1.15   0.250     -40.0456    10.43136
      uncons |  (dropped)
    lfirmage |  -.6913321   .5393605    -1.28   0.200     -1.75032    .3676553
      public |   1.368801   2.074362     0.66   0.510    -2.704029     5.44163
      uncons |   3.484993   13.31654     0.26   0.794    -22.66087    29.63086
     ldegree |  -.1253009   .6764464    -0.19   0.853    -1.453445    1.202843
 ldegreemiss |  -5.550377   3.566457    -1.56   0.120     -12.5528    1.452051
         mba |   .0416016   .1293901     0.32   0.748    -.2124445    .2956478
     mbamiss |  -.1374767   2.153425    -0.06   0.949     -4.36554    4.090586
        lhrs |  -1.379202   .3867656    -3.57   0.000    -2.138583   -.6198216
       _cons |   32.27972   15.14788     2.13   0.033     2.538169    62.02127
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                     (103 categories)

. *Col 7
. areg lq zmanagement lp le lm lp_f lp_g lp_un lp_us  le_f le_g le_un le_us  lm_f lm_g lm_un lm_us  $noise  cyy* $extras    ,ab(sic3) rob cluster(code)

Linear regression, absorbing indicators                Number of obs =    2635
                                                       F( 77,   373) =    7.84
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.4573
                                                       Adj R-squared =  0.4200
                                                       Root MSE      =  .77254

                                 (Std. Err. adjusted for 374 clusters in code)
------------------------------------------------------------------------------
             |               Robust
          lq |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
 zmanagement |   .2580809   .0731374     3.53   0.000     .1142676    .4018943
          lp |  -.6801532    .169856    -4.00   0.000    -1.014149   -.3461578
          le |   .3395054   .1938827     1.75   0.081    -.0417348    .7207455
          lm |   .2859937   .1096758     2.61   0.009     .0703333    .5016542
       lp_fr |   .7233431   .3315228     2.18   0.030      .071455    1.375231
       lp_gr |   .4092303   .1956497     2.09   0.037     .0245156     .793945
   lp_uncons |  (dropped)
       lp_us |   .6402748   .1942831     3.30   0.001     .2582474    1.022302
       le_fr |  -.6077214    .497395    -1.22   0.223    -1.585771    .3703284
       le_gr |  -.4242423   .3306734    -1.28   0.200     -1.07446    .2259755
   le_uncons |  (dropped)
       le_us |  -.5338811   .2251999    -2.37   0.018    -.9767017   -.0910605
       lm_fr |  -.2631165   .2555314    -1.03   0.304    -.7655793    .2393462
       lm_gr |  -.0794714   .2066393    -0.38   0.701    -.4857953    .3268525
       lm_un |  (dropped)
       lm_us |  -.1442294      .1224    -1.18   0.239      -.38491    .0964512
      gender |   .2472952   .2090377     1.18   0.238    -.1637449    .6583353
        sen1 |   .0156232   .0428338     0.36   0.716    -.0686029    .0998492
  tenurepost |  -.0205533   .0104584    -1.97   0.050    -.0411182    .0000116
   countries |  -.1426833    .056718    -2.52   0.012    -.2542105   -.0311561
        day2 |   .0077934   .1285099     0.06   0.952    -.2449014    .2604882
        day3 |  -.0969486   .1330244    -0.73   0.467    -.3585205    .1646232
        day4 |  -.1564652   .1323044    -1.18   0.238    -.4166212    .1036907
        day5 |  -.5958791   .1549454    -3.85   0.000    -.9005552    -.291203
   timelocal |  -.0071105   .0180271    -0.39   0.693    -.0425581     .028337
    duration |   .0115161   .0050509     2.28   0.023     .0015844    .0214478
        reli |   .0087238   .0630044     0.14   0.890    -.1151646    .1326122
         aa1 |  -.7603968   .5748022    -1.32   0.187    -1.890656    .3698622
         aa2 |  -.2209089   .8772085    -0.25   0.801    -1.945803    1.503985
         aa3 |  (dropped)
         aa4 |  -.3730008   .8127041    -0.46   0.647    -1.971057    1.225055
         aa5 |   -2.51571   1.032295    -2.44   0.015    -4.545556    -.485863
         aa6 |   .0008993   .6940687     0.00   0.999    -1.363879    1.365677
         aa7 |   -.941154   .7690974    -1.22   0.222    -2.453464    .5711562
         aa8 |  -.7566186   .7264835    -1.04   0.298    -2.185135    .6718981
         aa9 |  -.1716338   .7043705    -0.24   0.808    -1.556669    1.213401
        aa10 |  -.2041869   .7359287    -0.28   0.782    -1.651276    1.242902
        aa11 |   -.288767   .7326234    -0.39   0.694    -1.729357    1.151823
        aa12 |  -.6805766   .7383827    -0.92   0.357    -2.132491     .771338
        aa13 |  -.4379166   .6510379    -0.67   0.502    -1.718081    .8422481
        aa14 |  -.4090123   .7247904    -0.56   0.573      -1.8342    1.016175
        aa15 |  -.5274657   .7025272    -0.75   0.453    -1.908876    .8539446
        aa16 |  -.4802709   .7473935    -0.64   0.521    -1.949904     .989362
        cyy1 |  (dropped)
        cyy2 |  (dropped)
        cyy3 |   1.080468   1.963002     0.55   0.582     -2.77947    4.940406
        cyy4 |   1.377987   1.967922     0.70   0.484    -2.491626      5.2476
        cyy5 |   1.163735   1.977133     0.59   0.556     -2.72399     5.05146
        cyy6 |   1.260721   1.967572     0.64   0.522    -2.608203    5.129646
        cyy7 |   1.134865   1.970323     0.58   0.565    -2.739468    5.009198
        cyy8 |   .9687671   1.965751     0.49   0.622    -2.896576     4.83411
        cyy9 |   .8423087   1.962274     0.43   0.668    -3.016199    4.700816
       cyy10 |    1.20446   1.963966     0.61   0.540    -2.657374    5.066294
       cyy11 |   1.308815   1.962026     0.67   0.505    -2.549203    5.166833
       cyy12 |  (dropped)
       cyy13 |  (dropped)
       cyy14 |  (dropped)
       cyy15 |  (dropped)
       cyy16 |   -.050446   .1278008    -0.39   0.693    -.3017464    .2008544
       cyy17 |  -.1414635   .1514089    -0.93   0.351    -.4391855    .1562586
       cyy18 |  -.1810498   .1649104    -1.10   0.273    -.5053205    .1432209
       cyy19 |  -.2145168   .2092965    -1.02   0.306    -.6260658    .1970322
       cyy20 |   -.379587   .2047514    -1.85   0.065    -.7821989    .0230248
       cyy21 |  -.2777582   .1950919    -1.42   0.155    -.6613759    .1058596
       cyy22 |  (dropped)
       cyy23 |  (dropped)
       cyy24 |  (dropped)
       cyy25 |  (dropped)
       cyy26 |  (dropped)
       cyy27 |  (dropped)
       cyy28 |   .6280683   1.924576     0.33   0.744    -3.156311    4.412448
       cyy29 |    .551434   1.908036     0.29   0.773    -3.200422     4.30329
       cyy30 |   .4139943   1.914282     0.22   0.829    -3.350143    4.178132
       cyy31 |   .3988324      1.928     0.21   0.836    -3.392279    4.189943
       cyy32 |   .5964242   1.938318     0.31   0.758    -3.214977    4.407826
       cyy33 |   .1135365   2.031029     0.06   0.955    -3.880165    4.107238
       cyy34 |  -.8083588   1.770806    -0.46   0.648    -4.290374    2.673656
       cyy35 |   -.728022   1.771306    -0.41   0.681    -4.211019    2.754975
       cyy36 |  -.7332337   1.771161    -0.41   0.679    -4.215945    2.749478
       cyy37 |   -.578682    1.77279    -0.33   0.744    -4.064597    2.907233
       cyy38 |  -.9257165   1.773646    -0.52   0.602    -4.413316    2.561883
       cyy39 |  -.9232247   1.772294    -0.52   0.603    -4.408164    2.561715
       cyy40 |   -1.20169   1.767955    -0.68   0.497    -4.678099    2.274719
       cyy41 |  -1.139911   1.765697    -0.65   0.519     -4.61188    2.332058
       cyy42 |  -1.228634   1.767521    -0.70   0.487     -4.70419    2.246921
       cyy43 |  -.8665412   1.770756    -0.49   0.625    -4.348458    2.615375
       cyy44 |  (dropped)
      uncons |  (dropped)
    lfirmage |   .0105678   .0656297     0.16   0.872    -.1184828    .1396183
      public |   .0636433   .2836263     0.22   0.823    -.4940638    .6213503
      uncons |  (dropped)
     ldegree |   .2854548   .0696798     4.10   0.000     .1484402    .4224693
 ldegreemiss |   1.297089   .4607428     2.82   0.005     .3911096    2.203068
         mba |  -.0129741   .0094802    -1.37   0.172    -.0316154    .0056673
     mbamiss |  -.1691891   .2022378    -0.84   0.403    -.5668582      .22848
        lhrs |  -.0006309   .0596308    -0.01   0.992    -.1178857    .1166238
       _cons |   .8110204   2.102045     0.39   0.700    -3.322325    4.944365
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                      (93 categories)

. *Col 8
. keep if lm~=.
(747 observations deleted)

. keep if lp~=.
(170 observations deleted)

. keep if code~=code[_n+1]
(4641 observations deleted)

. dprobit dead amanagement le lp lm lfirmage public ccuk ccfr ccge if code~=code[_n+1]

Iteration 0:   log likelihood = -43.830007
Iteration 1:   log likelihood = -32.705967
Iteration 2:   log likelihood = -30.236281
Iteration 3:   log likelihood = -29.777799
Iteration 4:   log likelihood = -29.753059
Iteration 5:   log likelihood = -29.752954

Probit regression, reporting marginal effects           Number of obs =    709
                                                        LR chi2(9)    =  28.15
                                                        Prob > chi2   = 0.0009
Log likelihood = -29.752954                             Pseudo R2     = 0.3212

------------------------------------------------------------------------------
    dead |      dF/dx   Std. Err.      z    P>|z|     x-bar  [    95% C.I.   ]
---------+--------------------------------------------------------------------
amanag~t |  -.0022512   .0021437    -2.25   0.024   3.21087  -.006453   .00195
      le |   .0026323   .0023926     2.02   0.043   6.67898  -.002057  .007322
      lp |  -.0017833   .0016427    -1.91   0.056   10.1372  -.005003  .001436
      lm |    -.00095   .0010645    -1.27   0.202   11.1493  -.003036  .001136
lfirmage |  -.0010294   .0011569    -1.56   0.119   3.58919  -.003297  .001238
  public*|   .0008788    .001742     0.56   0.576   .583921  -.002536  .004293
    ccuk*|  -.0003888   .0020857    -0.17   0.864   .212976  -.004477  .003699
ccfrance*|  -.0014815   .0017108    -0.77   0.440   .188999  -.004835  .001872
ccgerm~y*|   .0199617   .0208579     2.34   0.019   .191819  -.020919  .060842
---------+--------------------------------------------------------------------
  obs. P |   .0112835
 pred. P |   .0011062  (at x-bar)
------------------------------------------------------------------------------
(*) dF/dx is for discrete change of dummy variable from 0 to 1
    z and P>|z| correspond to the test of the underlying coefficient being 0

. cap drop coeff* mdead

. matrix x=e(dfdx)

. svmat x,name(coeffs)

. egen mdead =mean(dead) 

. di coeffs1/mdead
-.19951599

. di coeffs2/mdead
.23328778

. di coeffs3/mdead
-.15804526

. di coeffs4/mdead
-.08419355

. 
. 
. u realdata,replace

. set more 1

. gen x=(code~=code[_n+1])

. egen snoj=sum(x),by(sic3)

. drop x

. 
. *column 9 - standard
. areg dsales zmanagement lp le lm lp_f lp_g lp_un lp_us  le_f le_g le_un le_us  lm_f lm_g lm_un lm_us  $noise  cyy* $extras    ,ab(sic3) rob cluster(code)

Linear regression, absorbing indicators                Number of obs =    4777
                                                       F( 88, 701)   =       .
                                                       Prob > F      =
                                                       R-squared     =  0.1550
                                                       Adj R-squared =  0.1198
                                                       Root MSE      =  .20456

                                 (Std. Err. adjusted for 702 clusters in code)
------------------------------------------------------------------------------
             |               Robust
      dsales |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
 zmanagement |   .0192947   .0056045     3.44   0.001     .0082911    .0302983
          lp |   .0088827    .011867     0.75   0.454    -.0144164    .0321819
          le |  -.0207551   .0138992    -1.49   0.136    -.0480441     .006534
          lm |   .0081047   .0093475     0.87   0.386    -.0102477    .0264571
       lp_fr |  -.0159392   .0212132    -0.75   0.453    -.0575882    .0257099
       lp_gr |  -.0153831   .0189253    -0.81   0.417    -.0525402     .021774
   lp_uncons |   .0087273   .0187942     0.46   0.643    -.0281724    .0456269
       lp_us |   .0076604   .0158372     0.48   0.629    -.0234335    .0387544
       le_fr |   .0137606   .0229562     0.60   0.549    -.0313105    .0588317
       le_gr |   .0191333   .0270693     0.71   0.480    -.0340133    .0722799
   le_uncons |   .0027088   .0234807     0.12   0.908    -.0433922    .0488097
       le_us |   .0054635   .0192109     0.28   0.776    -.0322542    .0431813
       lm_fr |   .0029646   .0196211     0.15   0.880    -.0355587    .0414878
       lm_gr |    .011547   .0236569     0.49   0.626    -.0348998    .0579938
       lm_un |  -.0124946    .018782    -0.67   0.506    -.0493703    .0243811
       lm_us |  -.0080343   .0115788    -0.69   0.488    -.0307675    .0146989
      gender |  -.0114861   .0268254    -0.43   0.669    -.0641537    .0411816
        sen1 |  -.0007905   .0038375    -0.21   0.837    -.0083249    .0067439
  tenurepost |  -.0007942   .0008169    -0.97   0.331     -.002398    .0008096
   countries |  -.0002789   .0053879    -0.05   0.959    -.0108573    .0102995
        day2 |   .0059252   .0108145     0.55   0.584    -.0153076    .0271579
        day3 |   .0027704   .0099473     0.28   0.781    -.0167596    .0223005
        day4 |  -.0073879   .0101037    -0.73   0.465     -.027225    .0124491
        day5 |  -.0032862   .0107418    -0.31   0.760    -.0243762    .0178038
   timelocal |  -.0046367   .0016691    -2.78   0.006    -.0079137   -.0013598
    duration |  -.0001072    .000394    -0.27   0.786    -.0008809    .0006664
        reli |  -.0049468   .0055558    -0.89   0.374    -.0158547    .0059612
         aa1 |  -.0832514   .1048966    -0.79   0.428    -.2892006    .1226978
         aa2 |   .0106449   .0476686     0.22   0.823    -.0829454    .1042351
         aa3 |    .059326    .076277     0.78   0.437    -.0904327    .2090847
         aa4 |  (dropped)
         aa5 |   .0162726   .0506969     0.32   0.748    -.0832633    .1158085
         aa6 |   -.005175   .0532052    -0.10   0.923    -.1096355    .0992856
         aa7 |  -.0476421   .0544963    -0.87   0.382    -.1546376    .0593533
         aa8 |  -.0146554   .0432987    -0.34   0.735    -.0996661    .0703553
         aa9 |  -.0080252   .0421122    -0.19   0.849    -.0907063    .0746559
        aa10 |  -.0519696   .0464428    -1.12   0.264    -.1431532    .0392141
        aa11 |  -.0004395   .0436719    -0.01   0.992    -.0861828    .0853038
        aa12 |  -.0317128   .0463406    -0.68   0.494    -.1226959    .0592702
        aa13 |  -.0141477   .0496238    -0.29   0.776    -.1115768    .0832814
        aa14 |  -.0017287   .0431108    -0.04   0.968    -.0863705    .0829131
        aa15 |   .0087714   .0428809     0.20   0.838    -.0754191    .0929618
        aa16 |  -.1408278   .0519705    -2.71   0.007    -.2428643   -.0387913
        cyy1 |  (dropped)
        cyy2 |   .2453303   .1604166     1.53   0.127    -.0696243    .5602849
        cyy3 |   .2739341    .162088     1.69   0.091    -.0443019    .5921702
        cyy4 |   .1734952   .1614427     1.07   0.283     -.143474    .4904644
        cyy5 |   .1091139   .1608944     0.68   0.498    -.2067787    .4250065
        cyy6 |   .0819633   .1632053     0.50   0.616    -.2384664     .402393
        cyy7 |   .0949332   .1617923     0.59   0.558    -.2227223    .4125887
        cyy8 |   .1158468    .161948     0.72   0.475    -.2021143     .433808
        cyy9 |   .1979637   .1615037     1.23   0.221    -.1191253    .5150526
       cyy10 |   .2079796   .1616543     1.29   0.199     -.109405    .5253643
       cyy11 |   .2178911   .1643885     1.33   0.185    -.1048618     .540644
       cyy12 |  (dropped)
       cyy13 |   .2782053   .1808205     1.54   0.124    -.0768094    .6332199
       cyy14 |   .1584826   .1852639     0.86   0.393    -.2052559    .5222211
       cyy15 |   .2273667   .1831232     1.24   0.215     -.132169    .5869024
       cyy16 |   .1924482    .180732     1.06   0.287    -.1623926     .547289
       cyy17 |    .043609   .1779032     0.25   0.806    -.3056781     .392896
       cyy18 |   .1673742   .1805677     0.93   0.354    -.1871441    .5218924
       cyy19 |   .1532822   .1787483     0.86   0.391    -.1976639    .5042283
       cyy20 |   .2795073    .180441     1.55   0.122    -.0747622    .6337767
       cyy21 |   .3245154   .1806788     1.80   0.073    -.0302209    .6792518
       cyy22 |    .242572   .1822303     1.33   0.184    -.1152106    .6003545
       cyy23 |  (dropped)
       cyy24 |  (dropped)
       cyy25 |   .0014988   .0022899     0.65   0.513    -.0029971    .0059947
       cyy26 |  -.3112114   .0364548    -8.54   0.000    -.3827851   -.2396377
       cyy27 |   .1946202   .0865317     2.25   0.025     .0247277    .3645126
       cyy28 |  -.0681717    .058832    -1.16   0.247    -.1836797    .0473363
       cyy29 |   .0661618   .0332129     1.99   0.047      .000953    .1313705
       cyy30 |   .0519619   .0278017     1.87   0.062    -.0026227    .1065465
       cyy31 |   .1968757     .02841     6.93   0.000     .1410969    .2526546
       cyy32 |   .2246085   .0327119     6.87   0.000     .1603834    .2888336
       cyy33 |   .1439743   .0467267     3.08   0.002     .0522331    .2357154
       cyy34 |  (dropped)
       cyy35 |   .2119578   .1562678     1.36   0.175    -.0948511    .5187668
       cyy36 |   .1727473   .1556943     1.11   0.268    -.1329356    .4784302
       cyy37 |   .1678628   .1558094     1.08   0.282    -.1380462    .4737718
       cyy38 |   .1263892   .1558781     0.81   0.418    -.1796546    .4324331
       cyy39 |   .1208365   .1565254     0.77   0.440    -.1864783    .4281514
       cyy40 |   .1513382   .1563793     0.97   0.333    -.1556897    .4583661
       cyy41 |   .0183958   .1560712     0.12   0.906    -.2880273    .3248189
       cyy42 |   .0299204   .1558246     0.19   0.848    -.2760184    .3358593
       cyy43 |   .1118286   .1562894     0.72   0.475    -.1950228      .41868
       cyy44 |   .1801937   .1565128     1.15   0.250    -.1270963    .4874838
      uncons |   .0107336   .0900125     0.12   0.905    -.1659929    .1874601
    lfirmage |  -.0276921   .0050762    -5.46   0.000    -.0376585   -.0177256
      public |    .010356   .0153084     0.68   0.499    -.0196998    .0404118
      uncons |  (dropped)
     ldegree |   .0007864   .0063118     0.12   0.901    -.0116059    .0131787
 ldegreemiss |  -.0235421   .0359815    -0.65   0.513    -.0941865    .0471023
         mba |    .000192   .0013143     0.15   0.884    -.0023884    .0027725
     mbamiss |   .0292408   .0259335     1.13   0.260    -.0216759    .0801575
        lhrs |   .0031628    .003777     0.84   0.403    -.0042527    .0105783
       _cons |    .053524    .171978     0.31   0.756    -.2841296    .3911777
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                     (103 categories)

. 
. 
. ******************************************************************************************************
. *********************************************TABLE II*****************************************
. ******************************************************************************************************
. egen zcapital=rmean(zlean1 zlean2 zperf2)

. egen zhuman=rmean(ztalent1 ztalent6 ztalent7)

. gen zhuman_zcapital=zhuman-zcapital

. egen siczhuman_zcapital=mean(zhuman_zcapital),by(sic3)

. so code year

. keep if code!=code[_n+1]
(5535 observations deleted)

. *one missing value here
. keep if uncons~=.
(0 observations deleted)

. 
. *Col 1 
. reg zhuman ldegree* cc*,rob

Linear regression                                      Number of obs =     732
                                                       F(  5,   726) =    8.87
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.0559
                                                       Root MSE      =  .79238

------------------------------------------------------------------------------
             |               Robust
      zhuman |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
     ldegree |   .1979765   .0427566     4.63   0.000     .1140352    .2819178
 ldegreemiss |   .6092165   .1755665     3.47   0.001     .2645379    .9538951
    cceurope |   .1491797   .0860646     1.73   0.083    -.0197855    .3181449
    ccfrance |  -.2145091   .1024643    -2.09   0.037    -.4156709   -.0133474
   ccgermany |  (dropped)
        ccuk |  (dropped)
        ccus |   .1434417   .0814138     1.76   0.079    -.0163929    .3032764
       _cons |  -.5813427     .12366    -4.70   0.000    -.8241166   -.3385688
------------------------------------------------------------------------------

. *Col 2
. reg zcapital ldegree* cc*,rob

Linear regression                                      Number of obs =     732
                                                       F(  5,   726) =    2.54
                                                       Prob > F      =  0.0274
                                                       R-squared     =  0.0201
                                                       Root MSE      =  .85167

------------------------------------------------------------------------------
             |               Robust
    zcapital |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
     ldegree |   .1016233   .0473627     2.15   0.032     .0086391    .1946075
 ldegreemiss |   .3138252   .1933056     1.62   0.105    -.0656794    .6933299
    cceurope |   .1454368   .0992767     1.46   0.143     -.049467    .3403405
    ccfrance |   .1447159   .0977691     1.48   0.139     -.047228    .3366597
   ccgermany |  (dropped)
        ccuk |  (dropped)
        ccus |   .1112362   .0968433     1.15   0.251    -.0788901    .3013625
       _cons |  -.3748629   .1507217    -2.49   0.013    -.6707653   -.0789606
------------------------------------------------------------------------------

. *Col 3 - standard
. reg zhuman_zcapital ldegree* cc*,rob

Linear regression                                      Number of obs =     732
                                                       F(  5,   726) =    6.39
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.0458
                                                       Root MSE      =  .78227

------------------------------------------------------------------------------
             |               Robust
zhuman_zca~l |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
     ldegree |   .0963532   .0487911     1.97   0.049     .0005647    .1921416
 ldegreemiss |   .2953913   .1939149     1.52   0.128    -.0853097    .6760923
    cceurope |   .0037429   .0930402     0.04   0.968     -.178917    .1864029
    ccfrance |   -.359225   .0928636    -3.87   0.000    -.5415383   -.1769117
   ccgermany |  (dropped)
        ccuk |  (dropped)
        ccus |   .0322055   .0881077     0.37   0.715    -.1407708    .2051819
       _cons |  -.2064798   .1469508    -1.41   0.160    -.4949791    .0820196
------------------------------------------------------------------------------

. *Col 4
. areg zhuman_zcapital ldegree* lempm lfirmage public cc*,ab(sic3) rob

Linear regression, absorbing indicators                Number of obs =     732
                                                       F(  8,   619) =    2.70
                                                       Prob > F      =  0.0064
                                                       R-squared     =  0.1858
                                                       Adj R-squared =  0.0385
                                                       Root MSE      =  .78255

------------------------------------------------------------------------------
             |               Robust
zhuman_zca~l |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
     ldegree |   .0988243   .0569712     1.73   0.083     -.013056    .2107046
 ldegreemiss |   .2830969   .2233139     1.27   0.205    -.1554478    .7216416
       lempm |   .0011527    .027245     0.04   0.966    -.0523512    .0546566
    lfirmage |    .027144   .0414658     0.65   0.513    -.0542866    .1085747
      public |  -.0596818    .095439    -0.63   0.532    -.2471053    .1277417
    cceurope |  -.3677647   .1157472    -3.18   0.002    -.5950694     -.14046
    ccfrance |  (dropped)
   ccgermany |    .316821   .1215779     2.61   0.009     .0780659    .5555761
        ccuk |  (dropped)
        ccus |   .0253074   .1155398     0.22   0.827    -.2015901     .252205
       _cons |  -.2617678   .2556692    -1.02   0.306     -.763852    .2403164
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                     (105 categories)

. *Col 5
. areg zhuman_zcapital law lempm lfirmage public cc*,ab(sic3) rob

Linear regression, absorbing indicators                Number of obs =     424
                                                       F(  7,   328) =    1.90
                                                       Prob > F      =  0.0688
                                                       R-squared     =  0.2550
                                                       Adj R-squared =  0.0392
                                                       Root MSE      =  .79613

------------------------------------------------------------------------------
             |               Robust
zhuman_zca~l |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         law |   .3399689   .1684668     2.02   0.044     .0085573    .6713806
       lempm |  -.0597343   .0449389    -1.33   0.185    -.1481392    .0286706
    lfirmage |   .0106606   .0568279     0.19   0.851    -.1011325    .1224537
      public |  -.0097791   .1060463    -0.09   0.927    -.2183959    .1988377
    cceurope |   .4465373   .4413428     1.01   0.312    -.4216822    1.314757
    ccfrance |  -.2616362   .1366466    -1.91   0.056    -.5304505    .0071781
   ccgermany |  (dropped)
        ccuk |   .5114534   .4331472     1.18   0.239    -.3406437    1.363551
        ccus |  (dropped)
       _cons |   -1.45055   .7567833    -1.92   0.056    -2.939312     .038211
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                      (89 categories)

. 
. 
. ******************************************************************************************************
. *********************************************TABLE III*****************************************
. ******************************************************************************************************
. u realdata,replace

. so code year

. gen x=(code~=code[_n+1])

. egen snoj=sum(x),by(sic3)

. drop x

. keep if code~=code[_n+1]
(5535 observations deleted)

. su zmanagement if uncons==. 

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
 zmanagement |         0

. replace csic=oecdind_cty
(732 real changes made)

. 
. *Col 1
. areg zmanagement lindiopen9599,ab(cty) cluster(oecdind_cty)

Linear regression, absorbing indicators                Number of obs =     732
                                                       F(  1,    89) =   10.08
                                                       Prob > F      =  0.0021
                                                       R-squared     =  0.0385
                                                       Adj R-squared =  0.0332
                                                       Root MSE      =  .67554

                           (Std. Err. adjusted for 90 clusters in oecdind_cty)
------------------------------------------------------------------------------
             |               Robust
 zmanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
lindiop~9599 |   .1441504    .045402     3.17   0.002     .0539375    .2343633
       _cons |   .1993161   .0708074     2.81   0.006     .0586233    .3400088
-------------+----------------------------------------------------------------
         cty |   absorbed                                       (4 categories)

. *Col2
. areg zmanagement lindiopen9599 lempm lfirmage public ldegree* mba* uncons ccfr ccge ccuk  $noise  if code~=code[_n+1],ab(sic3)rob cluster(oecdind_cty)

Linear regression, absorbing indicators                Number of obs =     732
                                                       F( 38,    89) =   12.88
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.4259
                                                       Adj R-squared =  0.2875
                                                       Root MSE      =  .57995

                           (Std. Err. adjusted for 90 clusters in oecdind_cty)
------------------------------------------------------------------------------
             |               Robust
 zmanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
lindiop~9599 |   .1659638   .0769434     2.16   0.034      .013079    .3188487
       lempm |   .1051711    .019635     5.36   0.000     .0661567    .1441854
    lfirmage |   -.040552   .0251398    -1.61   0.110    -.0905043    .0094002
      public |  -.0885273   .0686277    -1.29   0.200     -.224889    .0478345
     ldegree |   .0585913   .0394769     1.48   0.141    -.0198484     .137031
 ldegreemiss |    .200316   .2320614     0.86   0.390    -.2607849     .661417
         mba |   .0195661   .0075876     2.58   0.012     .0044897    .0346425
     mbamiss |  -.0742655   .1677636    -0.44   0.659    -.4076082    .2590772
      uncons |   .1156171   .0946983     1.22   0.225    -.0725465    .3037806
    ccfrance |  -.7345696   .2213391    -3.32   0.001    -1.174366   -.2947735
   ccgermany |  -.3210591   .1110216    -2.89   0.005    -.5416566   -.1004615
        ccuk |  -.4154725   .1036269    -4.01   0.000    -.6213769    -.209568
      gender |   .2564718   .1266446     2.03   0.046     .0048317    .5081119
        sen1 |   .0756663   .0245649     3.08   0.003     .0268563    .1244763
  tenurepost |  -.0065555   .0066416    -0.99   0.326    -.0197522    .0066412
   countries |   .0714758   .0391401     1.83   0.071    -.0062947    .1492462
        day2 |   .0297573   .0790279     0.38   0.707    -.1272696    .1867841
        day3 |   .0446191   .0852666     0.52   0.602    -.1248038     .214042
        day4 |   .1668603   .0825087     2.02   0.046     .0029172    .3308034
        day5 |   .0404512   .1011245     0.40   0.690    -.1604809    .2413834
   timelocal |  -.0224322   .0091334    -2.46   0.016      -.04058   -.0042844
    duration |   .0058457   .0029799     1.96   0.053    -.0000754    .0117667
        reli |    .316054      .0384     8.23   0.000     .2397539    .3923541
         aa1 |   .9289439   .6702766     1.39   0.169    -.4028813    2.260769
         aa2 |   .7866887   .5641932     1.39   0.167    -.3343511    1.907729
         aa3 |   1.306382   .6534627     2.00   0.049     .0079652    2.604798
         aa4 |  (dropped)
         aa5 |   -.193452   .6888128    -0.28   0.779    -1.562108    1.175204
         aa6 |   1.222325   .5985864     2.04   0.044     .0329466    2.411704
         aa7 |   1.001996   .6915953     1.45   0.151    -.3721896    2.376181
         aa8 |   .8951407   .5374119     1.67   0.099    -.1726854    1.962967
         aa9 |   .7189209   .5562315     1.29   0.200    -.3862992    1.824141
        aa10 |   1.217472   .5595238     2.18   0.032     .1057101    2.329234
        aa11 |   .8940509   .5361478     1.67   0.099    -.1712634    1.959365
        aa12 |   1.190433   .5651065     2.11   0.038      .067578    2.313287
        aa13 |   1.307299    .576247     2.27   0.026     .1623081    2.452289
        aa14 |   1.109127   .5453474     2.03   0.045     .0255335    2.192721
        aa15 |   1.139471   .5568396     2.05   0.044     .0330431      2.2459
        aa16 |   1.211832   .6702057     1.81   0.074    -.1198526    2.543516
       _cons |  -2.866682   .6784651    -4.23   0.000    -4.214777   -1.518586
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                     (105 categories)

. *Col 3
. areg zmanagement lerner,ab(cty) cluster(csic)

Linear regression, absorbing indicators                Number of obs =     726
                                                       F(  1,    89) =    4.75
                                                       Prob > F      =  0.0320
                                                       R-squared     =  0.0324
                                                       Adj R-squared =  0.0271
                                                       Root MSE      =  .67865

                                 (Std. Err. adjusted for 90 clusters in csic3)
------------------------------------------------------------------------------
             |               Robust
 zmanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
      lerner |   1.515966   .6958771     2.18   0.032     .1332728    2.898659
       _cons |  -1.432957   .6567699    -2.18   0.032    -2.737945   -.1279692
-------------+----------------------------------------------------------------
         cty |   absorbed                                       (4 categories)

. *Col 4
. areg zmanagement lerner        lempm lfirmage public ldegree* mba* uncons ccfr ccge ccuk  $noise  if code~=code[_n+1],ab(sic3)rob cluster(csic)

Linear regression, absorbing indicators                Number of obs =     726
                                                       F( 38,    89) =   13.47
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.4309
                                                       Adj R-squared =  0.2947
                                                       Root MSE      =  .57784

                                 (Std. Err. adjusted for 90 clusters in csic3)
------------------------------------------------------------------------------
             |               Robust
 zmanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
      lerner |   1.192033   .6156486     1.94   0.056    -.0312475    2.415314
       lempm |   .1091769   .0193958     5.63   0.000     .0706378    .1477159
    lfirmage |  -.0482273   .0261284    -1.85   0.068    -.1001439    .0036892
      public |  -.0947762   .0655567    -1.45   0.152     -.225036    .0354835
     ldegree |   .0579941   .0387798     1.50   0.138    -.0190606    .1350488
 ldegreemiss |   .2090137   .2307161     0.91   0.367    -.2494142    .6674417
         mba |   .0180661   .0078933     2.29   0.024     .0023822      .03375
     mbamiss |  -.0986406   .1709001    -0.58   0.565    -.4382155    .2409343
      uncons |   .1363975   .0915682     1.49   0.140    -.0455466    .3183417
    ccfrance |  -.7167949   .2154783    -3.33   0.001    -1.144946   -.2886441
   ccgermany |  -.2828763   .1052295    -2.69   0.009     -.491965   -.0737876
        ccuk |  -.3214437   .0834553    -3.85   0.000    -.4872676   -.1556198
      gender |   .2766129   .1329166     2.08   0.040     .0125106    .5407153
        sen1 |   .0829791    .024151     3.44   0.001     .0349915    .1309666
  tenurepost |  -.0062396   .0066327    -0.94   0.349    -.0194185    .0069394
   countries |   .0631795   .0397863     1.59   0.116    -.0158751    .1422341
        day2 |   .0175534   .0808157     0.22   0.829    -.1430256    .1781325
        day3 |    .034547   .0871558     0.40   0.693    -.1386297    .2077238
        day4 |   .1735036   .0816229     2.13   0.036     .0113205    .3356866
        day5 |   .0459338   .1022411     0.45   0.654    -.1572171    .2490847
   timelocal |  -.0251305   .0093368    -2.69   0.008    -.0436825   -.0065785
    duration |   .0067658   .0028968     2.34   0.022     .0010099    .0125217
        reli |    .310342   .0383807     8.09   0.000     .2340802    .3866037
         aa1 |   .9648638   .6788806     1.42   0.159    -.3840575    2.313785
         aa2 |   .8186576   .5805117     1.41   0.162    -.3348067    1.972122
         aa3 |   1.368788   .6828224     2.00   0.048     .0120341    2.725541
         aa4 |  (dropped)
         aa5 |  -.2296783    .696052    -0.33   0.742    -1.612719    1.153362
         aa6 |   1.249095   .6126674     2.04   0.044     .0317383    2.466453
         aa7 |   .9589627   .7023115     1.37   0.176    -.4365152    2.354441
         aa8 |   .8671473   .5509825     1.57   0.119    -.2276433    1.961938
         aa9 |   .7330752   .5709407     1.28   0.202    -.4013717    1.867522
        aa10 |   1.233373   .5742385     2.15   0.034     .0923735    2.374373
        aa11 |     .90486   .5484792     1.65   0.103    -.1849565    1.994676
        aa12 |   1.184495   .5780094     2.05   0.043     .0360023    2.332987
        aa13 |   1.327728   .5902525     2.25   0.027     .1549091    2.500547
        aa14 |   1.103466    .559973     1.97   0.052    -.0091882    2.216121
        aa15 |   1.120159   .5716858     1.96   0.053    -.0157688    2.256086
        aa16 |   1.178829   .6680369     1.76   0.081    -.1485462    2.506204
       _cons |  -4.248245   .9110279    -4.66   0.000    -6.058438   -2.438052
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                     (103 categories)

. *Col 5
. areg zmanagement competition*,ab(cty) 

Linear regression, absorbing indicators                Number of obs =     732
                                                       F(  2,   726) =    4.20
                                                       Prob > F      =  0.0153
                                                       R-squared     =  0.0321
                                                       Adj R-squared =  0.0254
                                                       Root MSE      =  .67827

------------------------------------------------------------------------------
 zmanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
 competition |   .1433691   .0506466     2.83   0.005     .0439379    .2428004
competitio~s |   .2887423    .162747     1.77   0.076    -.0307686    .6082532
       _cons |  -.3511802    .127718    -2.75   0.006    -.6019209   -.1004394
-------------+----------------------------------------------------------------
         cty |         F(3, 726) =      4.701   0.003           (4 categories)

. *Col 6
. areg zmanagement competition*  lempm lfirmage public ldegree* mba* uncons ccfr ccge ccuk  $noise  if code~=code[_n+1],ab(sic3)rob cluster(csic)

Linear regression, absorbing indicators                Number of obs =     732
                                                       F( 39,    89) =   13.23
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.4349
                                                       Adj R-squared =  0.2975
                                                       Root MSE      =  .57586

                                 (Std. Err. adjusted for 90 clusters in csic3)
------------------------------------------------------------------------------
             |               Robust
 zmanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
 competition |   .1403322   .0434092     3.23   0.002     .0540789    .2265854
competitio~s |   .0309629   .1581193     0.20   0.845    -.2832167    .3451425
       lempm |   .1125515   .0205444     5.48   0.000     .0717301    .1533729
    lfirmage |  -.0430601   .0244177    -1.76   0.081    -.0915777    .0054574
      public |  -.0727282   .0706876    -1.03   0.306    -.2131829    .0677264
     ldegree |   .0614396   .0384823     1.60   0.114    -.0150239    .1379031
 ldegreemiss |   .2122439   .2352022     0.90   0.369    -.2550978    .6795856
         mba |   .0189038   .0079926     2.37   0.020     .0030225     .034785
     mbamiss |  -.0444243   .1818316    -0.24   0.808    -.4057199    .3168713
      uncons |   .1494609   .0944379     1.58   0.117    -.0381851     .337107
    ccfrance |  -.5811979   .2452333    -2.37   0.020    -1.068471   -.0939245
   ccgermany |  -.2190146   .1046869    -2.09   0.039    -.4270254   -.0110039
        ccuk |  -.2342619   .0906045    -2.59   0.011    -.4142911   -.0542326
      gender |   .2538613   .1298406     1.96   0.054    -.0041292    .5118519
        sen1 |   .0715332   .0246908     2.90   0.005     .0224731    .1205932
  tenurepost |  -.0055805    .006707    -0.83   0.408    -.0189072    .0077462
   countries |   .0640584   .0409502     1.56   0.121    -.0173087    .1454256
        day2 |   .0323442   .0816907     0.40   0.693    -.1299736     .194662
        day3 |   .0729851   .0889731     0.82   0.414    -.1038025    .2497727
        day4 |   .1659746   .0815463     2.04   0.045     .0039438    .3280054
        day5 |   .0522227   .1036408     0.50   0.616    -.1537094    .2581547
   timelocal |  -.0245135   .0092511    -2.65   0.010    -.0428952   -.0061318
    duration |   .0066218   .0029448     2.25   0.027     .0007706     .012473
        reli |   .3046092   .0400268     7.61   0.000     .2250768    .3841416
         aa1 |   .9554958   .6771591     1.41   0.162    -.3900048    2.300996
         aa2 |   .8661227    .556769     1.56   0.123    -.2401655    1.972411
         aa3 |   1.284002   .6761751     1.90   0.061    -.0595437    2.627547
         aa4 |  (dropped)
         aa5 |  -.2329366    .705504    -0.33   0.742    -1.634758    1.168885
         aa6 |   .9709585   .6342231     1.53   0.129    -.2892293    2.231146
         aa7 |   .7374928   .7189564     1.03   0.308    -.6910583    2.166044
         aa8 |   .6365553   .5624919     1.13   0.261     -.481104    1.754215
         aa9 |   .4712331   .5791705     0.81   0.418    -.6795663    1.622032
        aa10 |   .9601659   .5845472     1.64   0.104     -.201317    2.121649
        aa11 |   .5835258   .5652204     1.03   0.305    -.5395551    1.706607
        aa12 |   .9329409   .5861616     1.59   0.115    -.2317498    2.097631
        aa13 |    1.02109   .6145838     1.66   0.100    -.2000749    2.242255
        aa14 |   .8455297   .5680662     1.49   0.140    -.2832057    1.974265
        aa15 |   .8703505   .5804493     1.50   0.137    -.2829898    2.023691
        aa16 |   .9647063   .6755973     1.43   0.157    -.3776912    2.307104
       _cons |  -3.286158   .6638343    -4.95   0.000    -4.605182   -1.967133
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                     (105 categories)

. *Col 7
. areg zmanagement lindiopen9599 lerner competition*,ab(cty) cluster(oecdind_cty)

Linear regression, absorbing indicators                Number of obs =     726
                                                       F(  4,    89) =    5.60
                                                       Prob > F      =  0.0005
                                                       R-squared     =  0.0545
                                                       Adj R-squared =  0.0453
                                                       Root MSE      =  .67226

                           (Std. Err. adjusted for 90 clusters in oecdind_cty)
------------------------------------------------------------------------------
             |               Robust
 zmanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
lindiop~9599 |   .1233626   .0438379     2.81   0.006     .0362577    .2104676
      lerner |    1.20388   .6226484     1.93   0.056    -.0333095    2.441069
 competition |   .1248605   .0427239     2.92   0.004     .0399689     .209752
competitio~s |   .2078371   .1384274     1.50   0.137    -.0672153    .4828894
       _cons |  -1.268156   .6154302    -2.06   0.042    -2.491002   -.0453091
-------------+----------------------------------------------------------------
         cty |   absorbed                                       (4 categories)

. *Col 8
. areg zmanagement lindiopen9599 lerner competition*        lempm lfirmage public ldegree* mba* uncons ccfr ccge ccuk  $noise  if code~=code[_n+1],ab(sic3)r
> ob cluster(oecdind_cty)

Linear regression, absorbing indicators                Number of obs =     726
                                                       F( 41,    89) =   13.85
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.4455
                                                       Adj R-squared =  0.3093
                                                       Root MSE      =  .57183

                           (Std. Err. adjusted for 90 clusters in oecdind_cty)
------------------------------------------------------------------------------
             |               Robust
 zmanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
lindiop~9599 |   .1800292   .0789513     2.28   0.025     .0231546    .3369038
      lerner |   1.257374   .6091754     2.06   0.042     .0469558    2.467793
 competition |   .1201068   .0414936     2.89   0.005       .03766    .2025536
competitio~s |  -.0137879   .1569082    -0.09   0.930    -.3255612    .2979854
       lempm |   .1214683   .0202752     5.99   0.000     .0811819    .1617547
    lfirmage |  -.0400424   .0252413    -1.59   0.116    -.0901963    .0101115
      public |  -.0909222   .0702825    -1.29   0.199     -.230572    .0487276
     ldegree |   .0572246   .0385919     1.48   0.142    -.0194567     .133906
 ldegreemiss |   .1994738   .2379309     0.84   0.404    -.2732899    .6722375
         mba |   .0200887   .0080157     2.51   0.014     .0041616    .0360158
     mbamiss |  -.0507285    .184433    -0.28   0.784    -.4171929    .3157359
      uncons |   .1595216   .0956389     1.67   0.099    -.0305109     .349554
    ccfrance |  -.7676273    .250335    -3.07   0.003    -1.265038    -.270217
   ccgermany |   -.326711   .1080756    -3.02   0.003    -.5414549   -.1119671
        ccuk |  -.4224175    .107169    -3.94   0.000    -.6353601    -.209475
      gender |   .2700005   .1342037     2.01   0.047     .0033406    .5366603
        sen1 |   .0807247   .0252681     3.19   0.002     .0305175    .1309319
  tenurepost |  -.0062883   .0067196    -0.94   0.352    -.0196399    .0070633
   countries |   .0517075   .0410459     1.26   0.211    -.0298498    .1332649
        day2 |   .0224934   .0815054     0.28   0.783    -.1394561    .1844428
        day3 |   .0699509   .0911445     0.77   0.445    -.1111513    .2510531
        day4 |    .175499   .0806877     2.18   0.032     .0151743    .3358237
        day5 |     .04858   .1027075     0.47   0.637    -.1554976    .2526575
   timelocal |  -.0252905   .0091451    -2.77   0.007    -.0434616   -.0071193
    duration |    .006555   .0029129     2.25   0.027     .0007672    .0123428
        reli |   .3101861   .0390462     7.94   0.000     .2326022    .3877701
         aa1 |   1.042721   .6654851     1.57   0.121    -.2795838    2.365026
         aa2 |   .8993714   .5555228     1.62   0.109    -.2044405    2.003183
         aa3 |   1.378749   .6736151     2.05   0.044     .0402899    2.717207
         aa4 |  (dropped)
         aa5 |  -.1587907   .6911587    -0.23   0.819    -1.532108    1.214527
         aa6 |   1.043054   .6335425     1.65   0.103    -.2157812     2.30189
         aa7 |   .7748467   .7151848     1.08   0.282    -.6462103    2.195904
         aa8 |   .6719705    .562188     1.20   0.235    -.4450851    1.789026
         aa9 |   .5380444   .5794839     0.93   0.356    -.6133778    1.689467
        aa10 |   1.019183   .5816895     1.75   0.083    -.1366218    2.174988
        aa11 |   .6614767   .5616907     1.18   0.242    -.4545908    1.777544
        aa12 |   1.012818   .5839523     1.73   0.086    -.1474825    2.173119
        aa13 |    1.09026   .6129398     1.78   0.079    -.1276386    2.308158
        aa14 |   .9015779   .5652601     1.59   0.114    -.2215819    2.024738
        aa15 |   .9287839   .5800431     1.60   0.113    -.2237495    2.081317
        aa16 |   1.047292   .6640927     1.58   0.118    -.2722455     2.36683
       _cons |  -4.212048   .8931531    -4.72   0.000    -5.986725   -2.437372
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                     (103 categories)

. 
. 
. 
. ******************************************************************************************************
. *********************************************TABLE IV*****************************************
. ******************************************************************************************************
. *Note: famcontrol50 means family largest shareholder, famcontrol50_2ceo means also family ceo, familycontrol50_2ceop means also primogeniture. famcontrolm
> iss means missing ownership or ceo data.
. *NOte: there is another variable (not used in the analysis) called famcontrol50_2 which if family ownership and family Ceo OR Chairman. The was accidently
>  used before instead of famcontrol50
. u realdata,replace

. so code year

. keep if code~=code[_n+1]
(5535 observations deleted)

. 
. tab cty if famcontrolmiss==0,su(famcontrol50)

            |  Summary of Family members jointly
            |   own largest shareholding block
    Country |        Mean   Std. Dev.       Freq.
------------+------------------------------------
         fr |        .304   .46183365         125
         gr |   .31578947   .46636615         152
         uk |   .30666667   .46265453         150
         us |          .1   .30051858         290
------------+------------------------------------
      Total |   .22454672   .41757476         717

. tab cty if famcontrolmiss==0,su(famcontrol50_2ceo)

            |  Summary of Family members jointly
            |  own largest shareholding block &
            |             family CEO
    Country |        Mean   Std. Dev.       Freq.
------------+------------------------------------
         fr |        .192   .39545808         125
         gr |   .11184211   .31621399         152
         uk |   .23333333   .42436952         150
         us |   .07241379   .25961983         290
------------+------------------------------------
      Total |   .13528591   .34226747         717

. tab cty if famcontrolmiss==0,su(famcontrol50_2ceop)

            |  Summary of Family members jointly
            |  own largest shareholding block &
            |      family CEO & CEO chosen 
    Country |        Mean   Std. Dev.       Freq.
------------+------------------------------------
         fr |        .144   .35250257         125
         gr |   .02631579   .16060187         152
         uk |   .14666667   .35495848         150
         us |   .02758621   .16406715         290
------------+------------------------------------
      Total |   .07252441   .25953528         717

. tab cty if famcontrolmiss==0,su(founder)

            |  Summary of Founder largest single
            |    shareholder, & founder is CEO
    Country |        Mean   Std. Dev.       Freq.
------------+------------------------------------
         fr |        .264   .44257312         125
         gr |   .04605263     .210292         152
         uk |   .14666667   .35495848         150
         us |   .17931034   .38427509         290
------------+------------------------------------
      Total |   .15899582   .36592745         717

. tab cty if famcontrolmiss==0,su(founderceo)

            |  Summary of The CEO is the founder
    Country |        Mean   Std. Dev.       Freq.
------------+------------------------------------
         fr |        .192   .39545808         125
         gr |   .01315789   .11432741         152
         uk |         .12   .32605019         150
         us |    .1137931   .31810875         290
------------+------------------------------------
      Total |   .10739191     .309827         717

. 
. 
. ******************************************************************************************************
. *********************************************TABLE V*****************************************
. ******************************************************************************************************
. *Col 1
. areg zmanagement famcontrol50 famcontrolmiss  lempm lfirmage public ldegree* mba* uncons ccfr ccge ccuk  $noise   if code~=code[_n+1],ab(sic3) rob

Linear regression, absorbing indicators                Number of obs =     732
                                                       F( 39,   588) =    6.66
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.4226
                                                       Adj R-squared =  0.2822
                                                       Root MSE      =   .5821

------------------------------------------------------------------------------
             |               Robust
 zmanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
famcontrol50 |   .0046305   .0631058     0.07   0.942    -.1193096    .1285707
famcontrol~s |  -.0407303   .1915123    -0.21   0.832    -.4168618    .3354011
       lempm |   .1026523   .0238851     4.30   0.000     .0557417    .1495628
    lfirmage |  -.0464519    .032243    -1.44   0.150    -.1097774    .0168737
      public |  -.0801092    .085327    -0.94   0.348    -.2476919    .0874736
     ldegree |   .0598057   .0389701     1.53   0.125    -.0167318    .1363432
 ldegreemiss |   .2091534    .233281     0.90   0.370     -.249012    .6673187
         mba |   .0183046   .0084613     2.16   0.031     .0016866    .0349226
     mbamiss |  -.0822775   .1712143    -0.48   0.631    -.4185436    .2539886
      uncons |   .1242461   .0960655     1.29   0.196    -.0644271    .3129193
    ccfrance |  -.6386373   .2220099    -2.88   0.004    -1.074666   -.2026084
   ccgermany |  -.2510549   .1243067    -2.02   0.044     -.495194   -.0069158
        ccuk |  -.2810933   .0936025    -3.00   0.003    -.4649292   -.0972574
      gender |   .2584782   .1281153     2.02   0.044     .0068589    .5100976
        sen1 |    .074985    .025113     2.99   0.003      .025663    .1243071
  tenurepost |  -.0062045   .0058077    -1.07   0.286    -.0176109    .0052018
   countries |   .0751275    .041477     1.81   0.071    -.0063336    .1565886
        day2 |    .030893   .0835979     0.37   0.712    -.1332938    .1950799
        day3 |   .0425927   .0803459     0.53   0.596    -.1152072    .2003927
        day4 |   .1676797   .0850286     1.97   0.049     .0006829    .3346764
        day5 |   .0451958   .0878112     0.51   0.607     -.127266    .2176576
   timelocal |  -.0231344   .0097724    -2.37   0.018    -.0423275   -.0039413
    duration |   .0063053   .0025156     2.51   0.012     .0013647     .011246
        reli |   .3110564   .0329142     9.45   0.000     .2464127    .3757001
         aa1 |   .9034467   .6320156     1.43   0.153    -.3378361    2.144729
         aa2 |   .7870806   .5465836     1.44   0.150    -.2864132    1.860574
         aa3 |   1.293959   .6494546     1.99   0.047     .0184254    2.569492
         aa4 |  (dropped)
         aa5 |   -.247672   .5802732    -0.43   0.670    -1.387332    .8919883
         aa6 |   1.202445   .5573159     2.16   0.031     .1078728    2.297017
         aa7 |   .9677369   .5719928     1.69   0.091    -.1556608    2.091135
         aa8 |   .8685284   .5187539     1.67   0.095    -.1503078    1.887365
         aa9 |    .695604   .5119671     1.36   0.175    -.3099028    1.701111
        aa10 |   1.201395   .5253162     2.29   0.023     .1696704    2.233119
        aa11 |   .8658017   .5171561     1.67   0.095    -.1498963      1.8815
        aa12 |   1.150307   .5236926     2.20   0.028     .1217715    2.178843
        aa13 |   1.287834   .5389968     2.39   0.017     .2292409    2.346427
        aa14 |   1.085155    .515675     2.10   0.036     .0723659    2.097944
        aa15 |   1.104766   .5139881     2.15   0.032     .0952898    2.114242
        aa16 |   1.155923   .6737546     1.72   0.087    -.1673354    2.479182
       _cons |  -3.098351   .6118385    -5.06   0.000    -4.300006   -1.896696
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                     (105 categories)

. *Col 2
. areg zmanagement famcontrol50_2ceo famcontrolmiss lempm lfirmage public ldegree* mba* uncons ccfr ccge ccuk  $noise  if code~=code[_n+1],ab(sic3)rob

Linear regression, absorbing indicators                Number of obs =     732
                                                       F( 39,   588) =    6.66
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.4245
                                                       Adj R-squared =  0.2845
                                                       Root MSE      =  .58117

------------------------------------------------------------------------------
             |               Robust
 zmanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
famcontrol~o |  -.1049307   .0746632    -1.41   0.160    -.2515697    .0417083
famcontrol~s |   -.055102   .1911164    -0.29   0.773    -.4304559    .3202519
       lempm |   .0988246   .0239644     4.12   0.000     .0517584    .1458908
    lfirmage |   -.036541   .0325106    -1.12   0.261     -.100392    .0273101
      public |  -.0955221   .0843132    -1.13   0.258    -.2611138    .0700695
     ldegree |   .0598265   .0388018     1.54   0.124    -.0163805    .1360334
 ldegreemiss |   .2081461    .231839     0.90   0.370    -.2471871    .6634794
         mba |   .0180361   .0084646     2.13   0.034     .0014116    .0346607
     mbamiss |  -.0810523   .1703154    -0.48   0.634    -.4155529    .2534482
      uncons |   .1086531   .0955017     1.14   0.256     -.078913    .2962191
    ccfrance |  -.6510566   .2080069    -3.13   0.002    -1.059584   -.2425296
   ccgermany |   -.245609   .1234473    -1.99   0.047    -.4880604   -.0031576
        ccuk |  -.2756512   .0936465    -2.94   0.003    -.4595735   -.0917288
      gender |    .256394   .1264088     2.03   0.043     .0081264    .5046617
        sen1 |   .0766612   .0250631     3.06   0.002     .0274372    .1258852
  tenurepost |  -.0050109   .0057758    -0.87   0.386    -.0163547    .0063329
   countries |   .0729806   .0412476     1.77   0.077    -.0080299    .1539911
        day2 |   .0270395   .0832267     0.32   0.745    -.1364183    .1904974
        day3 |   .0394524   .0802711     0.49   0.623    -.1182007    .1971054
        day4 |   .1700844   .0850877     2.00   0.046     .0029715    .3371972
        day5 |   .0430494   .0876587     0.49   0.624    -.1291128    .2152116
   timelocal |  -.0232288   .0097445    -2.38   0.017     -.042367   -.0040905
    duration |   .0059708   .0025162     2.37   0.018     .0010289    .0109126
        reli |   .3096158   .0328753     9.42   0.000     .2450484    .3741832
         aa1 |   .9203529   .6302957     1.46   0.145     -.317552    2.158258
         aa2 |   .7959576   .5501994     1.45   0.149    -.2846377    1.876553
         aa3 |   1.320883   .6471582     2.04   0.042     .0498602    2.591906
         aa4 |  (dropped)
         aa5 |  -.2101748   .5958225    -0.35   0.724    -1.380374    .9600244
         aa6 |   1.242261   .5546589     2.24   0.025     .1529074    2.331615
         aa7 |   .9748944   .5742498     1.70   0.090     -.152936    2.102725
         aa8 |   .8770497    .522009     1.68   0.093    -.1481794    1.902279
         aa9 |   .7094123   .5151882     1.38   0.169    -.3024208    1.721245
        aa10 |   1.203607   .5281141     2.28   0.023     .1663871    2.240826
        aa11 |   .8891632   .5202559     1.71   0.088    -.1326228    1.910949
        aa12 |   1.156946   .5260122     2.20   0.028     .1238544    2.190037
        aa13 |   1.320924   .5362612     2.46   0.014     .2677038    2.374145
        aa14 |   1.095296   .5188202     2.11   0.035     .0763301    2.114263
        aa15 |   1.117097   .5170063     2.16   0.031     .1016933    2.132501
        aa16 |   1.163065   .6761412     1.72   0.086    -.1648805    2.491011
       _cons |   -3.08002   .6124792    -5.03   0.000    -4.282933   -1.877107
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                     (105 categories)

. *Col 3
. areg zmanagement famcontrol50_2ceop famcontrolmiss lempm lfirmage public ldegree* mba* uncons ccfr ccge ccuk  $noise  if code~=code[_n+1],ab(sic3)rob

Linear regression, absorbing indicators                Number of obs =     732
                                                       F( 39,   588) =    6.86
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.4325
                                                       Adj R-squared =  0.2945
                                                       Root MSE      =   .5771

------------------------------------------------------------------------------
             |               Robust
 zmanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
famcontrol~p |  -.3171447   .0960398    -3.30   0.001    -.5057676   -.1285219
famcontrol~s |  -.0772233     .18857    -0.41   0.682     -.447576    .2931294
       lempm |     .09552   .0237437     4.02   0.000     .0488873    .1421527
    lfirmage |  -.0312754   .0319284    -0.98   0.328    -.0939829    .0314322
      public |  -.1051895   .0827457    -1.27   0.204    -.2677025    .0573236
     ldegree |   .0580644   .0380887     1.52   0.128    -.0167421    .1328709
 ldegreemiss |   .2099076   .2313984     0.91   0.365    -.2445603    .6643755
         mba |   .0173302   .0086078     2.01   0.045     .0004245     .034236
     mbamiss |  -.0904457   .1721632    -0.53   0.600    -.4285754    .2476841
      uncons |   .1034001   .0943089     1.10   0.273    -.0818232    .2886234
    ccfrance |  -.6068066   .2265932    -2.68   0.008    -1.051837    -.161776
   ccgermany |  -.2671512    .122008    -2.19   0.029    -.5067758   -.0275266
        ccuk |    -.27103   .0928083    -2.92   0.004    -.4533061   -.0887538
      gender |    .241057   .1255326     1.92   0.055    -.0054899    .4876039
        sen1 |    .073425   .0246917     2.97   0.003     .0249304    .1219195
  tenurepost |  -.0045631   .0056378    -0.81   0.419    -.0156358    .0065096
   countries |   .0678111   .0410692     1.65   0.099    -.0128492    .1484714
        day2 |   .0235565   .0817691     0.29   0.773    -.1370386    .1841517
        day3 |    .028057   .0793265     0.35   0.724    -.1277408    .1838548
        day4 |   .1671334   .0836253     2.00   0.046     .0028928    .3313741
        day5 |   .0390928   .0865215     0.45   0.652     -.130836    .2090215
   timelocal |  -.0219438   .0097177    -2.26   0.024    -.0410294   -.0028583
    duration |   .0054233   .0025203     2.15   0.032     .0004734    .0103732
        reli |   .3078044   .0324883     9.47   0.000     .2439972    .3716117
         aa1 |   .8787176   .6418466     1.37   0.172    -.3818733    2.139309
         aa2 |   .8072656   .5581945     1.45   0.149     -.289032    1.903563
         aa3 |   1.292974   .6595153     1.96   0.050    -.0023182    2.588267
         aa4 |  (dropped)
         aa5 |  -.1386193   .6302464    -0.22   0.826    -1.376427    1.099189
         aa6 |   1.242711   .5697828     2.18   0.030     .1236534    2.361768
         aa7 |   1.006019   .5813135     1.73   0.084    -.1356845    2.147723
         aa8 |   .9064671   .5304819     1.71   0.088    -.1354029    1.948337
         aa9 |   .7270976   .5237404     1.39   0.166    -.3015319    1.755727
        aa10 |   1.226413   .5363481     2.29   0.023     .1730221    2.279805
        aa11 |   .9096555   .5285118     1.72   0.086    -.1283452    1.947656
        aa12 |    1.18611   .5341808     2.22   0.027     .1369757    2.235245
        aa13 |   1.304523   .5512463     2.37   0.018     .2218715    2.387174
        aa14 |   1.121271   .5276671     2.12   0.034     .0849297    2.157613
        aa15 |   1.141786    .525503     2.17   0.030      .109695    2.173878
        aa16 |    1.20892    .681451     1.77   0.077    -.1294544    2.547294
       _cons |  -3.040983   .6173498    -4.93   0.000    -4.253462   -1.828504
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                     (105 categories)

. *Col 4
. areg zmanagement famcontrol50_2ceop famcontrolmiss  if uncons~=.  ,ab(cty)

Linear regression, absorbing indicators                Number of obs =     732
                                                       F(  2,   726) =   18.13
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.0675
                                                       Adj R-squared =  0.0610
                                                       Root MSE      =  .66576

------------------------------------------------------------------------------
 zmanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
famcontrol~p |  -.5902172   .0982729    -6.01   0.000    -.7831502   -.3972842
famcontrol~s |  -.1434883   .1773252    -0.81   0.419    -.4916196    .2046431
       _cons |   .0436191   .0258957     1.68   0.093    -.0072203    .0944586
-------------+----------------------------------------------------------------
         cty |         F(3, 726) =      2.382   0.068           (4 categories)

. *Col 5
. areg zmanagement famcontrol50 famcontrol50_2ceo famcontrol50_2ceop famcontrolmiss lempm lfirmage public ldegree* mba* uncons ccfr ccge ccuk  $noise  ,ab(s
> ic3)rob

Linear regression, absorbing indicators                Number of obs =     732
                                                       F( 41,   586) =    6.73
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.4357
                                                       Adj R-squared =  0.2961
                                                       Root MSE      =  .57644

------------------------------------------------------------------------------
             |               Robust
 zmanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
famcontrol50 |   .1380302   .0864314     1.60   0.111    -.0317229    .3077833
famcontrol~o |  -.0101519   .1134878    -0.09   0.929    -.2330442    .2127405
famcontrol~p |  -.4104818   .1222143    -3.36   0.001    -.6505131   -.1704505
famcontrol~s |  -.0564139   .1888521    -0.30   0.765    -.4273232    .3144954
       lempm |   .0953686   .0237747     4.01   0.000     .0486746    .1420625
    lfirmage |  -.0413287   .0323216    -1.28   0.202     -.104809    .0221515
      public |   -.085787   .0833243    -1.03   0.304    -.2494375    .0778636
     ldegree |   .0539807   .0378471     1.43   0.154    -.0203519    .1283132
 ldegreemiss |   .1767924   .2349149     0.75   0.452    -.2845852    .6381701
         mba |   .0177479   .0085744     2.07   0.039     .0009076    .0345882
     mbamiss |  -.0750628   .1779703    -0.42   0.673    -.4246002    .2744745
      uncons |   .1280498   .0943766     1.36   0.175    -.0573079    .3134074
    ccfrance |  -.6028462   .2388775    -2.52   0.012    -1.072007   -.1336859
   ccgermany |   -.286315     .12388    -2.31   0.021    -.5296179   -.0430121
        ccuk |  -.2747803   .0922244    -2.98   0.003     -.455911   -.0936496
      gender |   .2478157   .1286448     1.93   0.055    -.0048452    .5004767
        sen1 |   .0687932   .0247581     2.78   0.006     .0201677    .1174187
  tenurepost |  -.0054797   .0057275    -0.96   0.339    -.0167287    .0057694
   countries |   .0702845   .0413806     1.70   0.090    -.0109878    .1515567
        day2 |   .0262451    .081363     0.32   0.747    -.1335535    .1860437
        day3 |   .0308602   .0787736     0.39   0.695    -.1238527    .1855732
        day4 |   .1665332   .0832605     2.00   0.046     .0030079    .3300585
        day5 |     .04801   .0862462     0.56   0.578    -.1213794    .2173994
   timelocal |  -.0217895   .0097223    -2.24   0.025    -.0408843   -.0026948
    duration |   .0054578   .0025025     2.18   0.030     .0005429    .0103728
        reli |   .3058336   .0324649     9.42   0.000     .2420719    .3695954
         aa1 |   .8151323   .6452823     1.26   0.207    -.4522154     2.08248
         aa2 |   .7785097   .5621539     1.38   0.167    -.3255721    1.882591
         aa3 |   1.239002   .6810443     1.82   0.069     -.098583    2.576587
         aa4 |  (dropped)
         aa5 |  -.1634623   .6243602    -0.26   0.794    -1.389718    1.062794
         aa6 |   1.190673   .5788041     2.06   0.040     .0538903    2.327456
         aa7 |   .9804119   .5859656     1.67   0.095    -.1704366     2.13126
         aa8 |    .875675   .5342504     1.64   0.102    -.1736038    1.924954
         aa9 |   .6946537   .5278006     1.32   0.189    -.3419575    1.731265
        aa10 |   1.193018   .5412275     2.20   0.028     .1300363       2.256
        aa11 |   .8682526   .5323841     1.63   0.103    -.1773606    1.913866
        aa12 |   1.143498    .539445     2.12   0.034     .0840172    2.202979
        aa13 |   1.245253   .5609518     2.22   0.027     .1435323    2.346974
        aa14 |   1.090215   .5318813     2.05   0.041     .0455889     2.13484
        aa15 |   1.104206   .5298155     2.08   0.038     .0636376    2.144775
        aa16 |    1.17579   .6882285     1.71   0.088    -.1759047    2.527485
       _cons |  -2.971842   .6226186    -4.77   0.000    -4.194678   -1.749006
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                     (105 categories)

. *Col 6
. areg zmanagement famcontrol50 famcontrol50_2ceo famcontrol50_2ceop famcontrolmiss lempm lfirmage public ldegree* mba* uncons ccfr ccge ccuk  $noise  if ty
> pe~=2&type~=4&type~=5&type!=6,ab(sic3)rob

Linear regression, absorbing indicators                Number of obs =     497
                                                       F( 40,   360) =    5.77
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.5024
                                                       Adj R-squared =  0.3145
                                                       Root MSE      =  .56178

------------------------------------------------------------------------------
             |               Robust
 zmanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
famcontrol50 |   .1387123   .0997483     1.39   0.165    -.0574503    .3348748
famcontrol~o |  -.0196545   .1209953    -0.16   0.871    -.2576008    .2182918
famcontrol~p |  -.3823514    .138272    -2.77   0.006    -.6542738   -.1104291
famcontrol~s |  (dropped)
       lempm |   .1095028   .0288779     3.79   0.000     .0527123    .1662933
    lfirmage |  -.0463827   .0377407    -1.23   0.220    -.1206027    .0278373
      public |  -.0553691    .097226    -0.57   0.569    -.2465714    .1358331
     ldegree |    .017519   .0499773     0.35   0.726     -.080765    .1158031
 ldegreemiss |  -.0152899   .2964699    -0.05   0.959    -.5983204    .5677406
         mba |   .0184357   .0105019     1.76   0.080    -.0022171    .0390885
     mbamiss |   .0448054   .2175182     0.21   0.837    -.3829606    .4725714
      uncons |   .2551256   .1154377     2.21   0.028     .0281085    .4821426
    ccfrance |  -.5106872   .3370089    -1.52   0.131    -1.173441    .1520662
   ccgermany |  -.3218991   .1584453    -2.03   0.043    -.6334937   -.0103045
        ccuk |  -.1921613   .1124692    -1.71   0.088    -.4133405     .029018
      gender |   .3339744    .171529     1.95   0.052    -.0033503    .6712991
        sen1 |   .0460896   .0316823     1.45   0.147     -.016216    .1083951
  tenurepost |   -.004857   .0066739    -0.73   0.467    -.0179817    .0082677
   countries |   .1599504   .0557507     2.87   0.004     .0503124    .2695884
        day2 |   .0392998   .1074343     0.37   0.715    -.1719779    .2505775
        day3 |   .0818603   .0989153     0.83   0.408    -.1126642    .2763847
        day4 |   .1372431   .1061053     1.29   0.197     -.071421    .3459073
        day5 |   .0683038   .1048309     0.65   0.515     -.137854    .2744617
   timelocal |  -.0197093   .0136159    -1.45   0.149    -.0464861    .0070674
    duration |   .0065501   .0036022     1.82   0.070    -.0005339    .0136341
        reli |   .2837581   .0404453     7.02   0.000     .2042194    .3632967
         aa1 |  -.0252649   .5861003    -0.04   0.966    -1.177875    1.127346
         aa2 |  -.6351952   .6126425    -1.04   0.301    -1.840003    .5696126
         aa3 |  (dropped)
         aa4 |  -1.147869   .7990437    -1.44   0.152    -2.719248    .4235111
         aa5 |  -1.350872   .6698329    -2.02   0.044    -2.668149   -.0335951
         aa6 |   .0637282   .5037966     0.13   0.899    -.9270259    1.054482
         aa7 |  -.0967484   .7617381    -0.13   0.899    -1.594764    1.401267
         aa8 |   .0220905    .612369     0.04   0.971    -1.182179     1.22636
         aa9 |  -.3252877   .5984071    -0.54   0.587      -1.5021     .851525
        aa10 |   .1440791   .6051936     0.24   0.812     -1.04608    1.334238
        aa11 |  -.1755251   .6028254    -0.29   0.771    -1.361027    1.009977
        aa12 |   .1409227    .615433     0.23   0.819    -1.069373    1.351218
        aa13 |   .1775292   .5164288     0.34   0.731     -.838067    1.193125
        aa14 |   .0152327    .599535     0.03   0.980    -1.163798    1.194263
        aa15 |   .0436611   .6019372     0.07   0.942    -1.140094    1.227416
        aa16 |   .4788062   .7122079     0.67   0.502    -.9218044    1.879417
       _cons |  -2.035324   .6754597    -3.01   0.003    -3.363667   -.7069819
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                      (97 categories)

. 
. 
. ******************************************************************************************************
. **************************************TABLE VI***********************
. ******************************************************************************************************
. u realdata,clear

. so code year

. keep if code~=code[_n+1]
(5535 observations deleted)

. 
. 
. *Column 1
. reg amanagement ccge ccfr ccuk if uncons~=.,rob

Linear regression                                      Number of obs =     732
                                                       F(  3,   728) =    5.18
                                                       Prob > F      =  0.0015
                                                       R-squared     =  0.0227
                                                       Root MSE      =  .74734

------------------------------------------------------------------------------
             |               Robust
 amanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
   ccgermany |  -.0449477   .0635268    -0.71   0.479    -.1696653    .0797699
    ccfrance |    -.20208   .0864297    -2.34   0.020    -.3717611   -.0323988
        ccuk |  -.2763359   .0784866    -3.52   0.000     -.430423   -.1222488
       _cons |   3.317018    .042612    77.84   0.000     3.233361    3.400675
------------------------------------------------------------------------------

. *Column 2
. reg amanagement ccge ccfr ccuk public lempm if uncons~=.,rob

Linear regression                                      Number of obs =     732
                                                       F(  5,   726) =    5.95
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.0395
                                                       Root MSE      =  .74193

------------------------------------------------------------------------------
             |               Robust
 amanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
   ccgermany |  -.0807035   .0753449    -1.07   0.284    -.2286234    .0672164
    ccfrance |  -.1833749   .1036876    -1.77   0.077    -.3869383    .0201885
        ccuk |  -.2764029   .0932079    -2.97   0.003    -.4593921   -.0934137
      public |  -.0727662    .077891    -0.93   0.351    -.2256847    .0801524
       lempm |   .0829321   .0237408     3.49   0.001     .0363232    .1295409
       _cons |   2.807555   .1695657    16.56   0.000     2.474657    3.140452
------------------------------------------------------------------------------

. *Column 3
. reg amanagement ccge ccfr ccuk public lempm famcontrol50_2ceop famcontrolmiss if uncons~=.,rob

Linear regression                                      Number of obs =     732
                                                       F(  7,   724) =   10.87
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.0840
                                                       Root MSE      =  .72552

------------------------------------------------------------------------------
             |               Robust
 amanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
   ccgermany |  -.0956693   .0754924    -1.27   0.205    -.2438795    .0525408
    ccfrance |  -.1363538   .1041089    -1.31   0.191    -.3407451    .0680375
        ccuk |  -.2266748   .0912156    -2.49   0.013    -.4057536   -.0475961
      public |  -.1022879   .0762205    -1.34   0.180    -.2519276    .0473517
       lempm |   .0741786   .0235256     3.15   0.002     .0279921     .120365
famcontrol~p |  -.6365553    .100975    -6.30   0.000    -.8347941   -.4383166
famcontrol~s |  -.1730868   .2074451    -0.83   0.404    -.5803527     .234179
       _cons |   2.916091   .1688891    17.27   0.000      2.58452    3.247662
------------------------------------------------------------------------------

. *Column 4
. reg amanagement ccge ccfr ccuk public lempm competition* famcontrol50_2ceop famcontrolmiss if uncons~=.,rob

Linear regression                                      Number of obs =     732
                                                       F(  9,   722) =   10.33
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.0979
                                                       Root MSE      =  .72099

------------------------------------------------------------------------------
             |               Robust
 amanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
   ccgermany |  -.0568536   .0744591    -0.76   0.445    -.2030359    .0893286
    ccfrance |  -.0784543   .1025817    -0.76   0.445    -.2798483    .1229397
        ccuk |  -.1962237   .0913917    -2.15   0.032    -.3756488   -.0167985
      public |  -.0941659   .0752443    -1.25   0.211    -.2418896    .0535579
       lempm |   .0841621   .0235486     3.57   0.000     .0379302     .130394
 competition |   .1487569   .0521107     2.85   0.004     .0464503    .2510634
competitio~s |   .1526808   .1689524     0.90   0.366    -.1790159    .4843775
famcontrol~p |  -.6274297    .100311    -6.25   0.000    -.8243659   -.4304936
famcontrol~s |  -.1839288   .2099241    -0.88   0.381    -.5960633    .2282057
       _cons |   2.465087   .2142287    11.51   0.000     2.044501    2.885673
------------------------------------------------------------------------------

. *Column 5
. reg amanagement ccge ccfr ccuk public lempm competition* famcontrol50_2ceop famcontrolmiss ldegree* if uncons~=.,rob

Linear regression                                      Number of obs =     732
                                                       F( 11,   720) =   10.69
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.1190
                                                       Root MSE      =   .7135

------------------------------------------------------------------------------
             |               Robust
 amanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
   ccgermany |   .0043331   .0767896     0.06   0.955    -.1464251    .1550913
    ccfrance |  -.0331145   .1025675    -0.32   0.747    -.2344816    .1682525
        ccuk |  -.1231831   .0930873    -1.32   0.186    -.3059381     .059572
      public |  -.1178495   .0754441    -1.56   0.119    -.2659662    .0302672
       lempm |   .0895033   .0233098     3.84   0.000       .04374    .1352667
 competition |   .1582631   .0514842     3.07   0.002     .0571859    .2593402
competitio~s |   .2578445   .1737936     1.48   0.138    -.0833582    .5990473
famcontrol~p |  -.5821055   .0978582    -5.95   0.000     -.774227    -.389984
famcontrol~s |  -.1337531   .2041236    -0.66   0.513    -.5345016    .2669954
     ldegree |   .1458312   .0370569     3.94   0.000     .0730787    .2185836
 ldegreemiss |   .4130349   .1509985     2.74   0.006     .1165849    .7094849
       _cons |   2.014447   .2465128     8.17   0.000     1.530477    2.498417
------------------------------------------------------------------------------

. 
. 
. ******************************************************************************************************
. **************************************APPENDIX I.C***********************
. ******************************************************************************************************
. 
. *Table A3, columns (1) (2) and (3)
. u realdata,clear

. so code

. drop if code==code[_n+1]
(5535 observations deleted)

. foreach var in alean1 alean2 aperf1 aperf2 aperf3 aperf4 aperf5 aperf6 aperf7 aperf8 aperf9 aperf10 atalent1 atalent3 atalent4 atalent5 atalent6 atalent7{
  2. qui egen _us`var'=mean(`var') if cty=="us"&code~=code[_n+1]
  3. qui egen us`var'=max(_us`var')
  4. qui gen norm`var'=`var'*100/us`var'
  5. qui reg norm`var' ccuk ccge ccfr if code~=code[_n+1]
  6. di " "
  7. de `var'
  8. di "Means for UK, Germany and France (US normalized to 100)"
  9. di " "100+round(_b[ccuk]*10)/10 "    " 100+round(_b[ccge]*10)/10  "    " 100+round(_b[ccfr]*10)/10
 10. di "SE for the means for UK, Germany and France (US normalized to 100)"
 11. di " "round(_se[ccuk]*100)/100 "    " round(_se[ccge]*100)/100  "    " round(_se[ccfr]*100)/100
 12. }
 

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
alean1          float  %9.0g                  Introduction of modern lean
                                                manufacturing techniques -
                                                average pilot and 2004 fi
Means for UK, Germany and France (US normalized to 100)
 90.2    86.2    101.1
SE for the means for UK, Germany and France (US normalized to 100)
 3.5    3.46    3.63
 

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
alean2          float  %9.0g                  Rationale for lean
                                                manufacturing introduction -
                                                average pilot and 2004 first
                                                and
Means for UK, Germany and France (US normalized to 100)
 93.1    101.4    101
SE for the means for UK, Germany and France (US normalized to 100)
 3.35    3.31    3.47
 

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
aperf1          float  %9.0g                  Process documentation - average
                                                pilot and 2004 first and second
                                                interviews
Means for UK, Germany and France (US normalized to 100)
 89.2    106.8    99.4
SE for the means for UK, Germany and France (US normalized to 100)
 3.51    3.47    3.64
 

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
aperf2          float  %9.0g                  Performance tracking - average
                                                pilot and 2004 first and second
                                                interviews
Means for UK, Germany and France (US normalized to 100)
 98.4    109.1    110.7
SE for the means for UK, Germany and France (US normalized to 100)
 3.2    3.16    3.32
 

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
aperf3          float  %9.0g                  Review of performance - average
                                                pilot and 2004 first and second
                                                interviews
Means for UK, Germany and France (US normalized to 100)
 94.6    109.7    104.3
SE for the means for UK, Germany and France (US normalized to 100)
 2.99    2.96    3.11
 

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
aperf4          float  %9.0g                  Performance dialogue - only
                                                2004 first and second
                                                interviews as no question in p
Means for UK, Germany and France (US normalized to 100)
 92.8    103    99.2
SE for the means for UK, Germany and France (US normalized to 100)
 3.18    3.09    3.26
 

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
aperf5          float  %9.0g                  Consequence management -
                                                average pilot and 2004 first
                                                and second interviews
Means for UK, Germany and France (US normalized to 100)
 96.4    108.6    93.5
SE for the means for UK, Germany and France (US normalized to 100)
 3.02    3    3.14
 

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
aperf6          float  %9.0g                  Type of targets - average pilot
                                                and 2004 first and second
                                                interviews
Means for UK, Germany and France (US normalized to 100)
 91.4    93    94
SE for the means for UK, Germany and France (US normalized to 100)
 3.53    3.49    3.66
 

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
aperf7          float  %9.0g                  Interconnection of goals -
                                                average pilot and 2004 first
                                                and second interviews
Means for UK, Germany and France (US normalized to 100)
 94    97.3    77.8
SE for the means for UK, Germany and France (US normalized to 100)
 3.55    3.51    3.68
 

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
aperf8          float  %9.0g                  Time horizon - average pilot
                                                and 2004 first and second
                                                interviews
Means for UK, Germany and France (US normalized to 100)
 92.1    98.9    91.8
SE for the means for UK, Germany and France (US normalized to 100)
 3.7    3.66    3.84
 

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
aperf9          float  %9.0g                  Goals are stretching - average
                                                pilot and 2004 first and second
                                                interviews
Means for UK, Germany and France (US normalized to 100)
 88.1    104.8    101.4
SE for the means for UK, Germany and France (US normalized to 100)
 3.33    3.3    3.45
 

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
aperf10         float  %9.0g                  Clarity of goals and
                                                measurement - average pilot and
                                                2004 first and second inter
Means for UK, Germany and France (US normalized to 100)
 93.4    80.5    82.7
SE for the means for UK, Germany and France (US normalized to 100)
 3.53    3.48    3.65
 

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
atalent1        float  %9.0g                  Instilling a talent mindset -
                                                average pilot and 2004 first
                                                and second interviews
Means for UK, Germany and France (US normalized to 100)
 89.3    98.5    89
SE for the means for UK, Germany and France (US normalized to 100)
 3.94    3.91    4.09
 

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
atalent3        float  %9.0g                  Building a high-performing
                                                culture - average pilot and
                                                2004 first and second int
Means for UK, Germany and France (US normalized to 100)
 81.7    84.9    85
SE for the means for UK, Germany and France (US normalized to 100)
 3.41    3.39    3.54
 

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
atalent4        float  %9.0g                  Making room for talent -
                                                average pilot and 2004 first
                                                and second interviews
Means for UK, Germany and France (US normalized to 100)
 89.5    92.5    83
SE for the means for UK, Germany and France (US normalized to 100)
 3.04    3.01    3.15
 

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
atalent5        float  %9.0g                  Developing talent - average
                                                pilot and 2004 first and second
                                                interviews
Means for UK, Germany and France (US normalized to 100)
 90.3    104.7    92.1
SE for the means for UK, Germany and France (US normalized to 100)
 2.86    2.83    2.97
 

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
atalent6        float  %9.0g                  Creating a distinctive employee
                                                value proposition - average
                                                pilot and 2004 first
Means for UK, Germany and France (US normalized to 100)
 90.5    94.8    85.2
SE for the means for UK, Germany and France (US normalized to 100)
 2.9    2.87    3
 

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
atalent7        float  %9.0g                  Retaining talent - average
                                                pilot and 2004 first and second
                                                interviews
Means for UK, Germany and France (US normalized to 100)
 93.5    97.5    96.6
SE for the means for UK, Germany and France (US normalized to 100)
 2.75    2.72    2.84

. 
. egen mus=mean(amanagement) if cty=="us"
(442 missing values generated)

. egen m_us=max(mus)

. gen ratio_us=100*amanagement/m_us

. tab cty,su(ratio_us)

            |         Summary of ratio_us
    Country |        Mean   Std. Dev.       Freq.
------------+------------------------------------
         fr |   93.907783   26.365338         135
         gr |   98.644939   17.749455         156
         uk |   91.669148   24.431871         151
         us |         100   21.854625         290
------------+------------------------------------
      Total |   96.869129   22.744394         732

. 
. *Table A3, column (4)
. u realdata,clear

. so code year

. 
. foreach var in zlean1 zlean2 zperf1 zperf2 zperf3 zperf4 zperf5 zperf6 zperf7 zperf8 zperf9 zperf10 ztalent1 ztalent3 ztalent4 ztalent5 ztalent6 ztalent7{
  2. qui areg ls `var'       lp le lm lp_f lp_g lp_un lp_us  le_f le_g le_un le_us  lm_f lm_g lm_un lm_us  $noise  cyy* $extras    ,ab(sic3) rob cluster(cod
> e)
  3. de `var'
  4. di "Point Estimate regression coefficient     " round(_b[`var']*1000)/1000
  5. di "Standard Error of regression coefficient  " round(_se[`var']*1000) /1000
  6. di "T-stat                                    " round((_b[`var']/_se[`var'])*100) /100
  7. }

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
zlean1          float  %9.0g                  Z-score main, pilot & 2nd
                                                interviews: Introduction of
                                                modern lean manufacturing 
Point Estimate regression coefficient     .015
Standard Error of regression coefficient  .008
T-stat                                    1.97

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
zlean2          float  %9.0g                  Z-score main, pilot &
                                                interviews: Rationale for lean
                                                manufacturing introduction
Point Estimate regression coefficient     .011
Standard Error of regression coefficient  .008
T-stat                                    1.46

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
zperf1          float  %9.0g                  Z-score main, pilot & 2nd
                                                interviews: Process
                                                documentation
Point Estimate regression coefficient     .031
Standard Error of regression coefficient  .008
T-stat                                    3.7

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
zperf2          float  %9.0g                  Z-score main, pilot & 2nd
                                                interviews: Performance
                                                tracking
Point Estimate regression coefficient     .016
Standard Error of regression coefficient  .008
T-stat                                    2

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
zperf3          float  %9.0g                  Z-score main, pilot & 2nd
                                                interviews: Review of
                                                performance
Point Estimate regression coefficient     .019
Standard Error of regression coefficient  .008
T-stat                                    2.4

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
zperf4          float  %9.0g                  Z-score main & 2nd interviews:
                                                Performance dialogue
Point Estimate regression coefficient     .018
Standard Error of regression coefficient  .009
T-stat                                    2.12

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
zperf5          float  %9.0g                  Z-score main, pilot & 2nd
                                                interviews: Consequence
                                                management
Point Estimate regression coefficient     .015
Standard Error of regression coefficient  .008
T-stat                                    1.94

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
zperf6          float  %9.0g                  Z-score main, pilot & 2nd
                                                interviews: Type of targets
Point Estimate regression coefficient     .023
Standard Error of regression coefficient  .008
T-stat                                    2.78

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
zperf7          float  %9.0g                  Z-score main, pilot & 2nd
                                                interviews: Interconnection of
                                                goals
Point Estimate regression coefficient     .022
Standard Error of regression coefficient  .008
T-stat                                    2.54

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
zperf8          float  %9.0g                  Z-score main, pilot & 2nd
                                                interviews: Time horizon
Point Estimate regression coefficient     .024
Standard Error of regression coefficient  .009
T-stat                                    2.88

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
zperf9          float  %9.0g                  Z-score main, pilot & 2nd
                                                interviews: Goals are
                                                stretching
Point Estimate regression coefficient     .012
Standard Error of regression coefficient  .008
T-stat                                    1.52

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
zperf10         float  %9.0g                  Z-score main, pilot & 2nd
                                                interviews: Clarity of goals
                                                and measurement
Point Estimate regression coefficient     .009
Standard Error of regression coefficient  .008
T-stat                                    1.16

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
ztalent1        float  %9.0g                  Z-score main, pilot & 2nd
                                                interviews: Instilling a talent
                                                mindset
Point Estimate regression coefficient     .022
Standard Error of regression coefficient  .008
T-stat                                    2.69

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
ztalent3        float  %9.0g                  Z-score main, pilot & 2nd
                                                interviews: Building a
                                                high-performing culture
Point Estimate regression coefficient     .021
Standard Error of regression coefficient  .009
T-stat                                    2.37

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
ztalent4        float  %9.0g                  Z-score main, pilot & 2nd
                                                interviews: Making room for
                                                talent
Point Estimate regression coefficient     .013
Standard Error of regression coefficient  .008
T-stat                                    1.49

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
ztalent5        float  %9.0g                  Z-score main, pilot & 2nd
                                                interviews: Developing talent
Point Estimate regression coefficient     .015
Standard Error of regression coefficient  .009
T-stat                                    1.72

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
ztalent6        float  %9.0g                  Z-score main, pilot & 2nd
                                                interviews: Creating a
                                                distinctive employee value prop
Point Estimate regression coefficient     .026
Standard Error of regression coefficient  .009
T-stat                                    3.01

              storage  display     value
variable name   type   format      label      variable label
-------------------------------------------------------------------------------
ztalent7        float  %9.0g                  Z-score main, pilot & 2nd
                                                interviews: Retaining talent
Point Estimate regression coefficient     .005
Standard Error of regression coefficient  .009
T-stat                                    .62

. 
. 
. 
. 
. ******************************************************************************************************
. *********************************************TABLE A1*****************************************
. ******************************************************************************************************
. u realdata,clear

. ge empt=exp(lempm)

. 
. so code year

. keep if uncons~=.
(0 observations deleted)

. tab cty if code~=code[_n+1],su(zmanagement)

            |  Summary of Z-score main, pilot &
            | 2nd interviews: average management
            |       scores - note pools acr
    Country |        Mean   Std. Dev.       Freq.
------------+------------------------------------
         fr |  -.08397184    .7929469         135
         gr |   .03233908   .54437088         156
         uk |  -.14984748   .72907433         151
         us |   .09656507     .665353         290
------------+------------------------------------
      Total |  -.00124918    .6870574         732

. tab cty,su(emp)

            |    Summary of Rate of employment
            |          growth/shrinkage
    Country |        Mean   Std. Dev.       Freq.
------------+------------------------------------
         fr |   1056.8317   3983.9034         998
         gr |   1988.7031   2114.2608        1098
         uk |   1769.9488   4293.2463        1251
         us |   2484.2212   4322.2849        2920
------------+------------------------------------
      Total |   2027.5165   3993.5863        6267

. tab cty if year==2002,su(tobinq)

            |  Summary of Tobin's Q =(MV + long
            |       term debt + preferrence
            | shares)/(net fixed assets + stocks
    Country |        Mean   Std. Dev.       Freq.
------------+------------------------------------
         fr |   1.1493714   .87102351          22
         gr |   1.8833886   1.7723461          65
         uk |   1.8704853   1.7593894          44
         us |   2.0052928   2.7253868         238
------------+------------------------------------
      Total |    1.916714   2.4032555         369

. tab cty,su(dsales)

            |    Summary of Sales growth rate
    Country |        Mean   Std. Dev.       Freq.
------------+------------------------------------
         fr |   .06126678    .2204339         863
         gr |   .04111425   .21932125         942
         uk |   .07110658   .18997934        1100
         us |   .08505332   .26125805        2630
------------+------------------------------------
      Total |   .07109491   .23580078        5535

. tab cty if code~=code[_n+1],su(firmage)

            |       Summary of Age of firm
    Country |        Mean   Std. Dev.       Freq.
------------+------------------------------------
         fr |   38.607407   26.781063         135
         gr |   86.820513   75.137765         156
         uk |   44.311258   44.480585         151
         us |    48.37931   39.938893         290
------------+------------------------------------
      Total |   53.930328   51.679262         732

. tab cty if code~=code[_n+1],su(degree)

            | Summary of % of all employees with
            |               degree
    Country |        Mean   Std. Dev.       Freq.
------------+------------------------------------
         fr |   15.484401   10.277434          95
         gr |   14.258527   13.353107         129
         uk |   13.989888   11.777965          89
         us |   30.979504    22.03709         213
------------+------------------------------------
      Total |   21.205518   18.630776         526

. tab cty if code~=code[_n+1]&mbamiss==0,su(mba)

            | Summary of Log % managers with MBA
    Country |        Mean   Std. Dev.       Freq.
------------+------------------------------------
         fr |    .2263579   .69680896          95
         gr |   .08527559   .26795767         127
         uk |   1.2737931   2.5383149          87
         us |   2.7372112    5.109603         201
------------+------------------------------------
      Total |   1.3594774   3.5847136         510

. tab cty if code~=code[_n+1]&hourstmiss==0,su(hourst)

            | Summary of Average hours per week,
            |            all employees
    Country |        Mean   Std. Dev.       Freq.
------------+------------------------------------
         fr |   35.642097   1.3806488          98
         gr |   38.628694   2.4028313         136
         uk |    40.84354   3.6045979         102
         us |   44.077698   3.9887559         219
------------+------------------------------------
      Total |   40.658531   4.5233649         555

. tab cty if code~=code[_n+1]&competitionmiss==0,su(competition)

            |  Summary of 1=No competitors, 2=A
            | few competitors, 3=Many competitors
    Country |        Mean   Std. Dev.       Freq.
------------+------------------------------------
         fr |        2.32    .4852668         125
         gr |   2.3513514   .49301053         148
         uk |    2.556391   .54235086         133
         us |   2.5571429   .51877203         280
------------+------------------------------------
      Total |   2.4693878   .52228742         686

. tab cty if code~=code[_n+1],su(public)

            |   Summary of 1 for public firm, 0
            |              otherwise
    Country |        Mean   Std. Dev.       Freq.
------------+------------------------------------
         fr |   .16296296   .37070742         135
         gr |   .41025641   .49346432         156
         uk |   .28476821   .45280582         151
         us |           1           0         290
------------+------------------------------------
      Total |   .57240437   .49506811         732

. gen _lerner=1-lerner
(39 missing values generated)

. tab cty if code~=code[_n+1],su(_lerner)

            |         Summary of _lerner
    Country |        Mean   Std. Dev.       Freq.
------------+------------------------------------
         fr |    .0403049   .01281946         135
         gr |   .07095247   .04206871         151
         uk |    .0403709   .01499453         150
         us |   .06016549   .07260304         290
------------+------------------------------------
      Total |   .05462619   .05188426         726

. drop if indiopen9599==.
(285 observations deleted)

. tab cty if code~=code[_n+1],su(indiopen9599)

            |         Summary of Average
            |  (imports/production) for cty sic3
            |            for 95 to 99
    Country |        Mean   Std. Dev.       Freq.
------------+------------------------------------
         fr |   .32726098   .14041724         135
         gr |   .32495817   .26812105         156
         uk |   .42009987   .21641713         151
         us |   .23538871   .19005963         290
------------+------------------------------------
      Total |   .30952393   .21809249         732

. 
. 
. ******************************************************************************************************
. **************************************FOOTNOTES***********************
. ******************************************************************************************************
. u realdata,clear

. so code year

. gen x=(code~=code[_n+1])

. egen snoj=sum(x),by(sic3)

. drop x

. 
. *FN 14
. *Interaction for European management (note the UK is not truly a part of Europe....)
. gen european=(cty=="fr"|cty=="ge")

. gen european_management=european*zmanagement

. areg ls zmanagement european_management lp le lm lp_f lp_g lp_un lp_us  le_f le_g le_un le_us  lm_f lm_g lm_un lm_us  $noise  cyy* $extras    ,ab(sic3) ro
> b cluster(code)

Linear regression, absorbing indicators                Number of obs =    5350
                                                       F( 92, 708)   =       .
                                                       Prob > F      =
                                                       R-squared     =  0.9814
                                                       Adj R-squared =  0.9807
                                                       Root MSE      =  .20195

                                 (Std. Err. adjusted for 709 clusters in code)
------------------------------------------------------------------------------
             |               Robust
          ls |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
 zmanagement |   .0285288   .0124107     2.30   0.022     .0041627    .0528949
european_m~t |   .0473145   .0311775     1.52   0.130     -.013897     .108526
          lp |   .1493937    .024799     6.02   0.000     .1007052    .1980821
          le |   .5229644   .0317761    16.46   0.000     .4605777     .585351
          lm |   .3067287   .0251424    12.20   0.000     .2573662    .3560912
       lp_fr |   .0453478   .0550683     0.82   0.411    -.0627689    .1534644
       lp_gr |  -.0128539   .0371684    -0.35   0.730    -.0858273    .0601195
   lp_uncons |  -.0349749   .0469225    -0.75   0.456    -.1270987     .057149
       lp_us |   -.072678    .030785    -2.36   0.019    -.1331187   -.0122373
       le_fr |  -.1270133   .0698431    -1.82   0.069    -.2641376     .010111
       le_gr |  -.1544533   .0548915    -2.81   0.005    -.2622228   -.0466838
   le_uncons |   .0435651   .0643231     0.68   0.498    -.0827218     .169852
       le_us |    .016992   .0394869     0.43   0.667    -.0605334    .0945174
       lm_fr |   -.014573    .055393    -0.26   0.793    -.1233272    .0941812
       lm_gr |   .1495348   .0416895     3.59   0.000      .067685    .2313847
       lm_un |   .0541628   .0456198     1.19   0.236    -.0354034    .1437291
       lm_us |   .0927881   .0384129     2.42   0.016     .0173713    .1682049
      gender |   .0004367   .0558602     0.01   0.994    -.1092347    .1101082
        sen1 |  -.0203447   .0077338    -2.63   0.009    -.0355288   -.0051607
  tenurepost |   .0016227   .0016571     0.98   0.328    -.0016307    .0048761
   countries |   .0113988   .0132734     0.86   0.391    -.0146611    .0374587
        day2 |  -.0285319   .0278635    -1.02   0.306    -.0832368    .0261731
        day3 |  -.0144454   .0236487    -0.61   0.542    -.0608754    .0319845
        day4 |  -.0220263   .0272439    -0.81   0.419    -.0755148    .0314621
        day5 |   .0214616   .0268883     0.80   0.425    -.0313287    .0742518
   timelocal |  -.0059623   .0029661    -2.01   0.045    -.0117857   -.0001389
    duration |   .0009514   .0008205     1.16   0.247    -.0006596    .0025623
        reli |  -.0004039   .0101821    -0.04   0.968    -.0203947    .0195869
         aa1 |  -.5462763   .1233846    -4.43   0.000    -.7885199   -.3040328
         aa2 |  -.2538317   .1316954    -1.93   0.054    -.5123919    .0047285
         aa3 |  (dropped)
         aa4 |  -.2014139   .1285142    -1.57   0.118    -.4537285    .0509007
         aa5 |  -.0115954   .1368147    -0.08   0.932    -.2802065    .2570157
         aa6 |  -.4293746   .1026412    -4.18   0.000    -.6308921   -.2278572
         aa7 |  -.2564733   .1255659    -2.04   0.041    -.5029993   -.0099472
         aa8 |  -.2101529   .1176983    -1.79   0.075    -.4412323    .0209265
         aa9 |  -.2297969   .1141561    -2.01   0.044    -.4539219   -.0056718
        aa10 |  -.2369997   .1194739    -1.98   0.048    -.4715653   -.0024341
        aa11 |  -.1926245   .1155915    -1.67   0.096    -.4195676    .0343186
        aa12 |  -.2520176   .1194842    -2.11   0.035    -.4866033   -.0174319
        aa13 |  -.3163056   .1039433    -3.04   0.002    -.5203795   -.1122317
        aa14 |  -.2312263   .1167295    -1.98   0.048    -.4604038   -.0020488
        aa15 |   -.217666   .1152236    -1.89   0.059    -.4438869    .0085549
        aa16 |  -.3064148   .1324708    -2.31   0.021    -.5664974   -.0463322
        cyy1 |   .0661615    .260661     0.25   0.800    -.4455995    .5779225
        cyy2 |   .0957911   .2616527     0.37   0.714     -.417917    .6094991
        cyy3 |    .147983   .2632131     0.56   0.574    -.3687886    .6647546
        cyy4 |    .192722   .2632666     0.73   0.464    -.3241547    .7095986
        cyy5 |   .1666738   .2631395     0.63   0.527    -.3499534     .683301
        cyy6 |   .1704552   .2626743     0.65   0.517    -.3452585    .6861689
        cyy7 |   .1570165   .2622346     0.60   0.550     -.357834     .671867
        cyy8 |   .1756215   .2629899     0.67   0.504    -.3407118    .6919549
        cyy9 |   .2558599   .2627571     0.97   0.331    -.2600165    .7717363
       cyy10 |   .3300377   .2645761     1.25   0.213    -.1894099    .8494854
       cyy11 |   .3394746   .2704363     1.26   0.210    -.1914784    .8704277
       cyy12 |   1.081929   .3154182     3.43   0.001      .462662    1.701196
       cyy13 |   1.092808   .3227815     3.39   0.001      .459085    1.726532
       cyy14 |   1.087181   .3268607     3.33   0.001     .4454484    1.728913
       cyy15 |   1.101498   .3246927     3.39   0.001     .4640227    1.738974
       cyy16 |   1.110227   .3252336     3.41   0.001     .4716892    1.748765
       cyy17 |   1.048224   .3214502     3.26   0.001     .4171142    1.679334
       cyy18 |   1.049398   .3215955     3.26   0.001     .4180031    1.680793
       cyy19 |   1.036516   .3214273     3.22   0.001     .4054513    1.667581
       cyy20 |   1.120393   .3225858     3.47   0.001     .4870536    1.753732
       cyy21 |   1.230348   .3264621     3.77   0.000     .5893982    1.871297
       cyy22 |   1.174888   .3301179     3.56   0.000     .5267613    1.823016
       cyy23 |  (dropped)
       cyy24 |   .0315002   .0018025    17.48   0.000     .0279614     .035039
       cyy25 |   .0164776   .0062329     2.64   0.008     .0042404    .0287148
       cyy26 |   .0523904   .0902293     0.58   0.562    -.1247587    .2295395
       cyy27 |   .1330475   .1083631     1.23   0.220     -.079704     .345799
       cyy28 |  -.0636191   .0649044    -0.98   0.327    -.1910472     .063809
       cyy29 |  -.0891135   .0645816    -1.38   0.168    -.2159079    .0376809
       cyy30 |  -.1185728   .0641396    -1.85   0.065    -.2444993    .0073537
       cyy31 |  -.0429451   .0666066    -0.64   0.519    -.1737152    .0878251
       cyy32 |   .0481385   .0681643     0.71   0.480    -.0856899    .1819669
       cyy33 |  -.0137616    .129207    -0.11   0.915    -.2674362    .2399131
       cyy34 |  -.2197147   .2414283    -0.91   0.363    -.6937157    .2542864
       cyy35 |  -.1914151    .243396    -0.79   0.432    -.6692794    .2864492
       cyy36 |  -.1762581   .2432036    -0.72   0.469    -.6537447    .3012284
       cyy37 |  -.1600499   .2434878    -0.66   0.511    -.6380945    .3179946
       cyy38 |  -.1602117    .243987    -0.66   0.512    -.6392364     .318813
       cyy39 |  -.1474029   .2438603    -0.60   0.546    -.6261788     .331373
       cyy40 |  -.1089182   .2462403    -0.44   0.658    -.5923668    .3745304
       cyy41 |  -.1266351   .2461906    -0.51   0.607     -.609986    .3567158
       cyy42 |  -.1196302   .2469258    -0.48   0.628    -.6044247    .3651643
       cyy43 |  -.0952932   .2470125    -0.39   0.700    -.5802579    .3896715
       cyy44 |  -.0485002   .2477834    -0.20   0.845    -.5349785     .437978
      uncons |  -.4120382    .275892    -1.49   0.136    -.9537026    .1296262
    lfirmage |  -.0201589   .0094352    -2.14   0.033    -.0386832   -.0016346
      public |   .0621015    .033973     1.83   0.068    -.0045984    .1288014
      uncons |  (dropped)
     ldegree |   .0207162   .0113988     1.82   0.070    -.0016633    .0430957
 ldegreemiss |   .0268799   .0712976     0.38   0.706    -.1131002      .16686
         mba |    .002094    .001678     1.25   0.212    -.0012005    .0053885
     mbamiss |   .0081279   .0429229     0.19   0.850    -.0761435    .0923993
        lhrs |  -.0124677    .008754    -1.42   0.155    -.0296547    .0047192
       _cons |   3.432142   .2813097    12.20   0.000     2.879841    3.984444
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                     (103 categories)

. /*drop next two from final version*/
. areg ls zmanagement lp le lm lp_f lp_g lp_un lp_us  le_f le_g le_un le_us  lm_f lm_g lm_un lm_us  $noise  cyy* $extras     if european==0,ab(sic3) rob clu
> ster(code)

Linear regression, absorbing indicators                Number of obs =    4413
                                                       F( 75, 574)   =       .
                                                       Prob > F      =
                                                       R-squared     =  0.9848
                                                       Adj R-squared =  0.9842
                                                       Root MSE      =   .1843

                                 (Std. Err. adjusted for 575 clusters in code)
------------------------------------------------------------------------------
             |               Robust
          ls |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
 zmanagement |   .0199137    .012079     1.65   0.100    -.0038108    .0436382
          lp |   .1616766   .0236741     6.83   0.000     .1151781     .208175
          le |   .5237677   .0315882    16.58   0.000     .4617252    .5858102
          lm |   .2965987     .02472    12.00   0.000     .2480461    .3451513
       lp_fr |  (dropped)
       lp_gr |  -.0138404   .0349103    -0.40   0.692     -.082408    .0547272
   lp_uncons |  -.0809509   .0455168    -1.78   0.076    -.1703507    .0084488
       lp_us |  -.0815433   .0300254    -2.72   0.007    -.1405163   -.0225703
       le_fr |  (dropped)
       le_gr |  -.1218166   .0549995    -2.21   0.027    -.2298413   -.0137918
   le_uncons |  -.0622394   .0642103    -0.97   0.333    -.1883553    .0638764
       le_us |   .0072701   .0389713     0.19   0.852    -.0692736    .0838139
       lm_fr |  (dropped)
       lm_gr |   .1249199   .0409175     3.05   0.002     .0445537    .2052861
       lm_un |   .1897752   .0419978     4.52   0.000      .107287    .2722634
       lm_us |   .1050738   .0381515     2.75   0.006     .0301402    .1800074
      gender |    .017258   .0503618     0.34   0.732    -.0816579     .116174
        sen1 |  -.0228219   .0077561    -2.94   0.003    -.0380557   -.0075882
  tenurepost |   .0021167   .0017962     1.18   0.239    -.0014113    .0056447
   countries |   .0158153    .012864     1.23   0.219    -.0094508    .0410815
        day2 |  -.0175442   .0283218    -0.62   0.536    -.0731713    .0380829
        day3 |  -.0180627   .0240225    -0.75   0.452    -.0652454      .02912
        day4 |  -.0301649   .0276755    -1.09   0.276    -.0845226    .0241928
        day5 |   .0168907   .0279573     0.60   0.546    -.0380205    .0718018
   timelocal |  -.0059691   .0030338    -1.97   0.050    -.0119278   -.0000103
    duration |   .0018011   .0008492     2.12   0.034     .0001333     .003469
        reli |   .0145631   .0097539     1.49   0.136    -.0045947    .0337208
         aa1 |  (dropped)
         aa2 |  -.0517526   .1112888    -0.47   0.642    -.2703356    .1668304
         aa3 |  (dropped)
         aa4 |   .0327829   .1039979     0.32   0.753      -.17148    .2370458
         aa5 |   .2615423   .0998452     2.62   0.009     .0654357    .4576488
         aa6 |  (dropped)
         aa7 |   .0245521   .0821877     0.30   0.765    -.1368731    .1859774
         aa8 |     .05948   .0758962     0.78   0.434    -.0895882    .2085481
         aa9 |   .0490931   .0742922     0.66   0.509    -.0968246    .1950107
        aa10 |   .0762191   .0840223     0.91   0.365    -.0888096    .2412478
        aa11 |   .0969758   .0787418     1.23   0.219    -.0576814    .2516329
        aa12 |   .0667034   .0809024     0.82   0.410    -.0921973    .2256042
        aa13 |  -.0203257   .0807668    -0.25   0.801    -.1789602    .1383088
        aa14 |   .0629102   .0723651     0.87   0.385    -.0792224    .2050428
        aa15 |   .0598776   .0731828     0.82   0.414    -.0838612    .2036164
        aa16 |  (dropped)
        cyy1 |   .1254608   .2429855     0.52   0.606    -.3517883    .6027099
        cyy2 |   .1573892   .2436902     0.65   0.519    -.3212441    .6360226
        cyy3 |   .2072383   .2452728     0.84   0.399    -.2745034      .68898
        cyy4 |   .2520552   .2451156     1.03   0.304    -.2293777    .7334882
        cyy5 |   .2243513    .245245     0.91   0.361    -.2573357    .7060383
        cyy6 |   .2298785   .2448644     0.94   0.348    -.2510611     .710818
        cyy7 |   .2204014   .2445583     0.90   0.368     -.259937    .7007397
        cyy8 |   .2392593   .2449587     0.98   0.329    -.2418655    .7203841
        cyy9 |    .319088    .244924     1.30   0.193    -.1619686    .8001446
       cyy10 |   .3891586   .2476912     1.57   0.117    -.0973331    .8756502
       cyy11 |   .3888633   .2535807     1.53   0.126    -.1091959    .8869225
       cyy12 |  (dropped)
       cyy13 |  (dropped)
       cyy14 |  (dropped)
       cyy15 |  (dropped)
       cyy16 |  (dropped)
       cyy17 |  (dropped)
       cyy18 |  (dropped)
       cyy19 |  (dropped)
       cyy20 |  (dropped)
       cyy21 |  (dropped)
       cyy22 |  (dropped)
       cyy23 |  (dropped)
       cyy24 |   .0319592   .0018149    17.61   0.000     .0283945    .0355238
       cyy25 |   .0169533   .0063501     2.67   0.008     .0044811    .0294256
       cyy26 |   .1512394   .0881267     1.72   0.087    -.0218507    .3243294
       cyy27 |   .2228429   .1049554     2.12   0.034     .0166995    .4289863
       cyy28 |   .0074504   .0435263     0.17   0.864    -.0780398    .0929407
       cyy29 |   -.010467   .0421669    -0.25   0.804    -.0932872    .0723533
       cyy30 |  -.0374363   .0419713    -0.89   0.373    -.1198722    .0449997
       cyy31 |   .0446253   .0439476     1.02   0.310    -.0416924     .130943
       cyy32 |   .1384982   .0464849     2.98   0.003     .0471971    .2297994
       cyy33 |   .1606055   .0697879     2.30   0.022     .0235347    .2976764
       cyy34 |  -.1542858   .2323248    -0.66   0.507    -.6105961    .3020245
       cyy35 |    -.12485     .23438    -0.53   0.594    -.5851969     .335497
       cyy36 |  -.1092378   .2343001    -0.47   0.641    -.5694278    .3509523
       cyy37 |  -.0918194   .2343664    -0.39   0.695    -.5521398     .368501
       cyy38 |  -.0912435   .2349911    -0.39   0.698    -.5527908    .3703039
       cyy39 |  -.0778292    .234721    -0.33   0.740     -.538846    .3831876
       cyy40 |  -.0390577   .2371975    -0.16   0.869    -.5049385    .4268232
       cyy41 |  -.0581678    .237258    -0.25   0.806    -.5241675    .4078319
       cyy42 |  -.0516351   .2381256    -0.22   0.828    -.5193388    .4160686
       cyy43 |  -.0260216   .2380273    -0.11   0.913    -.4935322    .4414891
       cyy44 |   .0207662   .2389274     0.09   0.931    -.4485123    .4900448
      uncons |  -.7832113   .3135107    -2.50   0.013    -1.398979   -.1674433
    lfirmage |  -.0135833   .0096045    -1.41   0.158    -.0324474    .0052809
      public |   .0764104   .0349793     2.18   0.029     .0077074    .1451133
      uncons |  (dropped)
     ldegree |   .0168273   .0116336     1.45   0.149    -.0060223     .039677
 ldegreemiss |   .0160019   .0764806     0.21   0.834    -.1342141    .1662179
         mba |   .0024739   .0016555     1.49   0.136    -.0007778    .0057255
     mbamiss |     .03908   .0466552     0.84   0.403    -.0525556    .1307157
        lhrs |  -.0075654   .0093779    -0.81   0.420    -.0259846    .0108538
       _cons |   2.942075   .2521387    11.67   0.000     2.446848    3.437302
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                      (99 categories)

. areg ls zmanagement lp le lm lp_f lp_g lp_un lp_us  le_f le_g le_un le_us  lm_f lm_g lm_un lm_us  $noise  cyy* $extras     if european==1,ab(sic3) rob clu
> ster(code)

Linear regression, absorbing indicators                Number of obs =     937
                                                       F( 39, 133)   =       .
                                                       Prob > F      =
                                                       R-squared     =  0.9778
                                                       Adj R-squared =  0.9751
                                                       Root MSE      =  .19565

                                 (Std. Err. adjusted for 134 clusters in code)
------------------------------------------------------------------------------
             |               Robust
          ls |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
 zmanagement |   .1495908    .042256     3.54   0.001     .0660101    .2331716
          lp |  -.1356176   .1027613    -1.32   0.189    -.3388756    .0676403
          le |    .551359   .1395034     3.95   0.000     .2754268    .8272913
          lm |   .1301051   .0641535     2.03   0.045     .0032121    .2569982
       lp_fr |  (dropped)
       lp_gr |  (dropped)
   lp_uncons |   .2951141   .1021457     2.89   0.005     .0930739    .4971544
       lp_us |  (dropped)
       le_fr |  (dropped)
       le_gr |  (dropped)
   le_uncons |  -.1135428   .1438203    -0.79   0.431    -.3980138    .1709281
       le_us |  (dropped)
       lm_fr |   .3201242   .1078446     2.97   0.004     .1068117    .5334368
       lm_gr |  (dropped)
       lm_un |  -.1296888    .086327    -1.50   0.135    -.3004403    .0410627
       lm_us |  (dropped)
      gender |    -1.2763   .2042303    -6.25   0.000     -1.68026   -.8723405
        sen1 |   .0149488   .0463681     0.32   0.748    -.0767656    .1066631
  tenurepost |   .0119987   .0065104     1.84   0.068    -.0008786    .0248761
   countries |  -.0184705   .0616297    -0.30   0.765    -.1403718    .1034307
        day2 |   -.052408   .1104906    -0.47   0.636    -.2709541    .1661382
        day3 |   .0228237   .1045141     0.22   0.827    -.1839012    .2295486
        day4 |  -.1789931   .0971246    -1.84   0.068    -.3711018    .0131155
        day5 |  -.0479367   .0993205    -0.48   0.630    -.2443888    .1485155
   timelocal |   .0166325   .0130482     1.27   0.205    -.0091763    .0424413
    duration |   .0001086   .0030159     0.04   0.971    -.0058567     .006074
        reli |  -.1407649    .057187    -2.46   0.015    -.2538785   -.0276513
         aa1 |  (dropped)
         aa2 |  (dropped)
         aa3 |   .7569321   .1955849     3.87   0.000     .3700727    1.143791
         aa4 |  (dropped)
         aa5 |  (dropped)
         aa6 |   .2367001   .1693086     1.40   0.164    -.0981858     .571586
         aa7 |  (dropped)
         aa8 |  (dropped)
         aa9 |  (dropped)
        aa10 |  (dropped)
        aa11 |  (dropped)
        aa12 |  (dropped)
        aa13 |    .197217   .2153779     0.92   0.361     -.228792    .6232261
        aa14 |  (dropped)
        aa15 |  (dropped)
        aa16 |  (dropped)
        cyy1 |  (dropped)
        cyy2 |  (dropped)
        cyy3 |  (dropped)
        cyy4 |  (dropped)
        cyy5 |  (dropped)
        cyy6 |  (dropped)
        cyy7 |  (dropped)
        cyy8 |  (dropped)
        cyy9 |  (dropped)
       cyy10 |  (dropped)
       cyy11 |  (dropped)
       cyy12 |  -.1503839   .0661243    -2.27   0.025    -.2811752   -.0195927
       cyy13 |  -.1241598   .0553349    -2.24   0.026    -.2336101   -.0147095
       cyy14 |  -.1176203   .0564843    -2.08   0.039    -.2293441   -.0058965
       cyy15 |  -.1034039   .0533847    -1.94   0.055    -.2089967     .002189
       cyy16 |  -.0998849   .0523045    -1.91   0.058    -.2033412    .0035715
       cyy17 |  -.1605514   .0520816    -3.08   0.002    -.2635668    -.057536
       cyy18 |  -.1556425   .0541051    -2.88   0.005    -.2626602   -.0486248
       cyy19 |  -.1689008   .0551803    -3.06   0.003    -.2780452   -.0597563
       cyy20 |   -.078991   .0531616    -1.49   0.140    -.1841426    .0261606
       cyy21 |   .0285089    .052119     0.55   0.585    -.0745805    .1315983
       cyy22 |  (dropped)
       cyy23 |  (dropped)
       cyy24 |  (dropped)
       cyy25 |  (dropped)
       cyy26 |  (dropped)
       cyy27 |  (dropped)
       cyy28 |  (dropped)
       cyy29 |  (dropped)
       cyy30 |  (dropped)
       cyy31 |  (dropped)
       cyy32 |  (dropped)
       cyy33 |  (dropped)
       cyy34 |  (dropped)
       cyy35 |  (dropped)
       cyy36 |  (dropped)
       cyy37 |  (dropped)
       cyy38 |  (dropped)
       cyy39 |  (dropped)
       cyy40 |  (dropped)
       cyy41 |  (dropped)
       cyy42 |  (dropped)
       cyy43 |  (dropped)
       cyy44 |  (dropped)
      uncons |  -.7487125   .6127674    -1.22   0.224    -1.960743    .4633176
    lfirmage |  -.1196136   .0495226    -2.42   0.017    -.2175674   -.0216598
      public |  -.2623994   .1528667    -1.72   0.088    -.5647639    .0399651
      uncons |  (dropped)
     ldegree |    .164037   .0494715     3.32   0.001     .0661843    .2618897
 ldegreemiss |    1.03469   .3254976     3.18   0.002     .3908684    1.678512
         mba |   .1342817   .0572902     2.34   0.021     .0209639    .2475995
     mbamiss |  -.2067285   .1658045    -1.25   0.215    -.5346834    .1212263
        lhrs |  -.0030503   .0422122    -0.07   0.943    -.0865444    .0804438
       _cons |   4.864901   .7041453     6.91   0.000     3.472128    6.257673
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                      (62 categories)

. 
. *FN 16 and linked test (individual practices)
. areg ls zoperations lp le lm lp_f lp_g lp_un lp_us  le_f le_g le_un le_us  lm_f lm_g lm_un lm_us  $noise  cyy* $extras    ,ab(sic3) rob cluster(code)

Linear regression, absorbing indicators                Number of obs =    5350
                                                       F( 91, 708)   =       .
                                                       Prob > F      =
                                                       R-squared     =  0.9813
                                                       Adj R-squared =  0.9806
                                                       Root MSE      =  .20239

                                 (Std. Err. adjusted for 709 clusters in code)
------------------------------------------------------------------------------
             |               Robust
          ls |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
 zoperations |   .0308023   .0100349     3.07   0.002     .0111006     .050504
          lp |   .1472788    .024968     5.90   0.000     .0982586     .196299
          le |   .5233175   .0322268    16.24   0.000      .460046    .5865889
          lm |   .3069089   .0251079    12.22   0.000      .257614    .3562038
       lp_fr |   .0558759   .0554851     1.01   0.314    -.0530591    .1648109
       lp_gr |  -.0117139   .0376986    -0.31   0.756    -.0857284    .0623006
   lp_uncons |  -.0353743   .0469782    -0.75   0.452    -.1276076    .0568589
       lp_us |  -.0707667   .0307371    -2.30   0.022    -.1311136   -.0104199
       le_fr |  -.1382724   .0692574    -2.00   0.046    -.2742468   -.0022979
       le_gr |  -.1575252   .0552736    -2.85   0.005    -.2660448   -.0490055
   le_uncons |   .0551395   .0655577     0.84   0.401    -.0735713    .1838503
       le_us |   .0181748   .0396731     0.46   0.647    -.0597161    .0960657
       lm_fr |  -.0089407   .0545327    -0.16   0.870    -.1160058    .0981244
       lm_gr |   .1489442   .0420747     3.54   0.000      .066338    .2315504
       lm_un |   .0503789   .0459079     1.10   0.273    -.0397531    .1405109
       lm_us |   .0922059    .038241     2.41   0.016     .0171265    .1672852
      gender |   .0017931    .055892     0.03   0.974    -.1079407    .1115269
        sen1 |  -.0197339   .0077776    -2.54   0.011    -.0350037   -.0044641
  tenurepost |   .0013749   .0016476     0.83   0.404      -.00186    .0046097
   countries |   .0121051   .0134819     0.90   0.370    -.0143641    .0385743
        day2 |  -.0267146   .0280425    -0.95   0.341    -.0817711    .0283418
        day3 |  -.0125576   .0235658    -0.53   0.594    -.0588248    .0337096
        day4 |  -.0216147   .0275101    -0.79   0.432    -.0756259    .0323965
        day5 |   .0203396   .0267504     0.76   0.447      -.03218    .0728592
   timelocal |  -.0062286   .0029723    -2.10   0.036    -.0120642   -.0003931
    duration |   .0011122   .0008136     1.37   0.172    -.0004851    .0027095
        reli |   4.85e-06    .009869     0.00   1.000    -.0193712    .0193809
         aa1 |   -.575447   .1293613    -4.45   0.000    -.8294247   -.3214692
         aa2 |  -.2505968    .133605    -1.88   0.061    -.5129062    .0117127
         aa3 |  (dropped)
         aa4 |  -.1877982   .1318493    -1.42   0.155    -.4466605    .0710642
         aa5 |  -.0097215   .1393557    -0.07   0.944    -.2833214    .2638783
         aa6 |  -.4372556   .1047567    -4.17   0.000    -.6429266   -.2315846
         aa7 |  -.2612309   .1273168    -2.05   0.041    -.5111946   -.0112671
         aa8 |  -.2106988   .1205114    -1.75   0.081    -.4473013    .0259036
         aa9 |  -.2250341    .117011    -1.92   0.055    -.4547642    .0046961
        aa10 |   -.241996   .1222737    -1.98   0.048    -.4820584   -.0019335
        aa11 |  -.1935103   .1185802    -1.63   0.103    -.4263212    .0393007
        aa12 |  -.2539602    .122287    -2.08   0.038    -.4940487   -.0138717
        aa13 |  -.3274976   .1065726    -3.07   0.002    -.5367338   -.1182615
        aa14 |  -.2260261   .1194373    -1.89   0.059    -.4605198    .0084676
        aa15 |  -.2182131   .1178708    -1.85   0.065    -.4496312    .0132049
        aa16 |  -.3087971    .136463    -2.26   0.024    -.5767177   -.0408764
        cyy1 |   .0429552   .2642425     0.16   0.871    -.4758374    .5617478
        cyy2 |   .0734317   .2653692     0.28   0.782    -.4475731    .5944365
        cyy3 |   .1255404   .2669063     0.47   0.638    -.3984821    .6495629
        cyy4 |   .1701541   .2670376     0.64   0.524    -.3541261    .6944344
        cyy5 |   .1440932   .2668077     0.54   0.589    -.3797357    .6679221
        cyy6 |   .1479225   .2663295     0.56   0.579    -.3749676    .6708127
        cyy7 |   .1341584   .2658797     0.50   0.614    -.3878486    .6561654
        cyy8 |   .1534548   .2666331     0.58   0.565    -.3700314     .676941
        cyy9 |   .2334638   .2663556     0.88   0.381    -.2894776    .7564052
       cyy10 |   .3082976   .2680659     1.15   0.250    -.2180017    .8345969
       cyy11 |   .3211477    .273674     1.17   0.241     -.216162    .8584573
       cyy12 |   .9769562   .3072617     3.18   0.002      .373703    1.580209
       cyy13 |   .9864212    .314669     3.13   0.002     .3686252    1.604217
       cyy14 |   .9823846   .3194622     3.08   0.002      .355178    1.609591
       cyy15 |   .9978344   .3167662     3.15   0.002     .3759209    1.619748
       cyy16 |    1.00698   .3178886     3.17   0.002     .3828634    1.631098
       cyy17 |   .9444629   .3143918     3.00   0.003     .3272111    1.561715
       cyy18 |   .9474959   .3142247     3.02   0.003     .3305721     1.56442
       cyy19 |   .9312541   .3143874     2.96   0.003     .3140109    1.548497
       cyy20 |   1.015761   .3154712     3.22   0.001     .3963903    1.635132
       cyy21 |   1.124965   .3191767     3.52   0.000     .4983185    1.751611
       cyy22 |   1.063186   .3215512     3.31   0.001      .431878    1.694494
       cyy23 |  (dropped)
       cyy24 |   .0313211   .0018232    17.18   0.000     .0277415    .0349006
       cyy25 |   .0163208   .0062871     2.60   0.010     .0039772    .0286644
       cyy26 |   .0088037   .0888985     0.10   0.921    -.1657326    .1833399
       cyy27 |   .0969671   .1050399     0.92   0.356    -.1092598    .3031941
       cyy28 |  -.0687052   .0672779    -1.02   0.308    -.2007933    .0633829
       cyy29 |  -.0931399   .0670143    -1.39   0.165    -.2247104    .0384306
       cyy30 |  -.1232861   .0666696    -1.85   0.065    -.2541799    .0076077
       cyy31 |  -.0477709   .0692333    -0.69   0.490     -.183698    .0881563
       cyy32 |   .0434599   .0707788     0.61   0.539    -.0955017    .1824214
       cyy33 |   -.009976   .1340313    -0.07   0.941    -.2731225    .2531704
       cyy34 |  -.2616355   .2461462    -1.06   0.288    -.7448994    .2216283
       cyy35 |  -.2337271   .2480339    -0.94   0.346    -.7206971    .2532428
       cyy36 |   -.218566   .2479018    -0.88   0.378    -.7052767    .2681446
       cyy37 |   -.202094   .2481664    -0.81   0.416    -.6893242    .2851361
       cyy38 |  -.2022536   .2486076    -0.81   0.416    -.6903499    .2858428
       cyy39 |  -.1897664   .2485273    -0.76   0.445    -.6777051    .2981723
       cyy40 |  -.1513346   .2507873    -0.60   0.546    -.6437105    .3410412
       cyy41 |  -.1688775   .2507046    -0.67   0.501    -.6610909    .3233358
       cyy42 |  -.1619867   .2515075    -0.64   0.520    -.6557765    .3318031
       cyy43 |  -.1378435   .2515887    -0.55   0.584    -.6317926    .3561056
       cyy44 |  -.0910753   .2523342    -0.36   0.718    -.5864881    .4043375
      uncons |  (dropped)
    lfirmage |  -.0196951   .0094536    -2.08   0.038    -.0382555   -.0011347
      public |    .063436    .034117     1.86   0.063    -.0035467    .1304186
      uncons |  -.4390417   .2744598    -1.60   0.110    -.9778941    .0998108
     ldegree |   .0207836   .0115023     1.81   0.071    -.0017991    .0433664
 ldegreemiss |   .0280263   .0712754     0.39   0.694      -.11191    .1679627
         mba |   .0018607   .0016817     1.11   0.269     -.001441    .0051625
     mbamiss |    .005558   .0432522     0.13   0.898    -.0793599    .0904758
        lhrs |  -.0125574   .0087956    -1.43   0.154    -.0298259    .0047111
       _cons |   3.460516   .2880229    12.01   0.000     2.895035    4.025998
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                     (103 categories)

. areg ls ztargets lp le lm lp_f lp_g lp_un lp_us  le_f le_g le_un le_us  lm_f lm_g lm_un lm_us  $noise  cyy* $extras    ,ab(sic3) rob cluster(code)

Linear regression, absorbing indicators                Number of obs =    5350
                                                       F( 92, 708)   =       .
                                                       Prob > F      =
                                                       R-squared     =  0.9813
                                                       Adj R-squared =  0.9806
                                                       Root MSE      =  .20226

                                 (Std. Err. adjusted for 709 clusters in code)
------------------------------------------------------------------------------
             |               Robust
          ls |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
    ztargets |   .0324062   .0104106     3.11   0.002     .0119668    .0528456
          lp |   .1494941   .0248167     6.02   0.000      .100771    .1982172
          le |   .5215657   .0317276    16.44   0.000     .4592743    .5838571
          lm |   .3051508   .0249847    12.21   0.000     .2560979    .3542037
       lp_fr |   .0507053   .0555373     0.91   0.362    -.0583323    .1597428
       lp_gr |  -.0106587   .0378087    -0.28   0.778    -.0848894    .0635719
   lp_uncons |  -.0358692   .0471544    -0.76   0.447    -.1284484    .0567101
       lp_us |  -.0711965   .0307176    -2.32   0.021     -.131505   -.0108879
       le_fr |   -.137784   .0694786    -1.98   0.048    -.2741928   -.0013752
       le_gr |  -.1592018   .0551483    -2.89   0.004    -.2674755   -.0509281
   le_uncons |   .0555275   .0658416     0.84   0.399    -.0737407    .1847958
       le_us |   .0159524   .0393293     0.41   0.685    -.0612637    .0931685
       lm_fr |  -.0026821   .0539163    -0.05   0.960     -.108537    .1031728
       lm_gr |   .1523451   .0423156     3.60   0.000      .069266    .2354242
       lm_un |   .0493906    .045526     1.08   0.278    -.0399915    .1387728
       lm_us |   .0941678   .0379691     2.48   0.013     .0196223    .1687133
      gender |   .0015689   .0573144     0.03   0.978    -.1109576    .1140955
        sen1 |  -.0213057   .0077601    -2.75   0.006    -.0365413   -.0060701
  tenurepost |   .0016235   .0016444     0.99   0.324    -.0016049    .0048519
   countries |   .0128231   .0133512     0.96   0.337    -.0133896    .0390357
        day2 |  -.0250783   .0277682    -0.90   0.367    -.0795961    .0294395
        day3 |  -.0090639   .0236035    -0.38   0.701    -.0554051    .0372773
        day4 |   -.019084   .0273393    -0.70   0.485    -.0727597    .0345917
        day5 |   .0217233   .0268506     0.81   0.419    -.0309931    .0744397
   timelocal |  -.0059216   .0029226    -2.03   0.043    -.0116597   -.0001835
    duration |   .0012068    .000816     1.48   0.140    -.0003953    .0028089
        reli |  -.0023116   .0102362    -0.23   0.821    -.0224085    .0177853
         aa1 |  -.5553679   .1294014    -4.29   0.000    -.8094243   -.3013115
         aa2 |   -.239308   .1344295    -1.78   0.075    -.5032361    .0246202
         aa3 |  (dropped)
         aa4 |  -.1917843   .1314459    -1.46   0.145    -.4498547    .0662862
         aa5 |   .0067527   .1389351     0.05   0.961    -.2660215    .2795268
         aa6 |  -.4185473   .1059973    -3.95   0.000    -.6266539   -.2104406
         aa7 |  -.2603344        .13    -2.00   0.046    -.5155661   -.0051028
         aa8 |  -.2041552   .1207612    -1.69   0.091    -.4412482    .0329377
         aa9 |  -.2244278   .1172363    -1.91   0.056    -.4546003    .0057446
        aa10 |  -.2315701   .1226224    -1.89   0.059    -.4723171     .009177
        aa11 |  -.1891229   .1189977    -1.59   0.112    -.4227535    .0445077
        aa12 |  -.2415908   .1226325    -1.97   0.049    -.4823577   -.0008239
        aa13 |  -.3150124   .1088001    -2.90   0.004    -.5286219    -.101403
        aa14 |  -.2285219   .1203262    -1.90   0.058    -.4647607     .007717
        aa15 |  -.2171495   .1187234    -1.83   0.068    -.4502416    .0159426
        aa16 |  -.2943968   .1338966    -2.20   0.028    -.5572787   -.0315149
        cyy1 |   .0732099   .2647667     0.28   0.782    -.4466119    .5930317
        cyy2 |   .1029114   .2657825     0.39   0.699    -.4189049    .6247276
        cyy3 |   .1561994   .2673315     0.58   0.559     -.368658    .6810569
        cyy4 |   .2008403   .2674029     0.75   0.453    -.3241573    .7258379
        cyy5 |   .1748336   .2672461     0.65   0.513    -.3498562    .6995233
        cyy6 |   .1781313   .2668595     0.67   0.505    -.3457994    .7020619
        cyy7 |   .1645874   .2664447     0.62   0.537    -.3585289    .6877038
        cyy8 |   .1831935   .2671712     0.69   0.493    -.3413491     .707736
        cyy9 |   .2638604   .2668989     0.99   0.323    -.2601475    .7878684
       cyy10 |   .3387623   .2686755     1.26   0.208    -.1887337    .8662583
       cyy11 |   .3466883   .2744508     1.26   0.207    -.1921466    .8855231
       cyy12 |   .9818937   .3086528     3.18   0.002     .3759095    1.587878
       cyy13 |   .9873673    .315631     3.13   0.002     .3676825    1.607052
       cyy14 |   .9836063   .3204185     3.07   0.002     .3545222     1.61269
       cyy15 |   1.000215   .3177394     3.15   0.002     .3763908    1.624039
       cyy16 |     1.0093   .3187255     3.17   0.002     .3835402    1.635061
       cyy17 |   .9472929   .3154825     3.00   0.003     .3278997    1.566686
       cyy18 |   .9499151   .3151773     3.01   0.003     .3311211    1.568709
       cyy19 |   .9340525   .3154876     2.96   0.003     .3146494    1.553456
       cyy20 |   1.017743   .3165653     3.21   0.001     .3962238    1.639262
       cyy21 |   1.127458   .3202164     3.52   0.000      .498771    1.756146
       cyy22 |   1.069803   .3233121     3.31   0.001     .4350374    1.704568
       cyy23 |  (dropped)
       cyy24 |   .0312539   .0018238    17.14   0.000     .0276733    .0348346
       cyy25 |   .0157991   .0063445     2.49   0.013     .0033428    .0282554
       cyy26 |   .0060397   .0900235     0.07   0.947    -.1707053    .1827847
       cyy27 |   .0940148   .1065464     0.88   0.378    -.1151699    .3031995
       cyy28 |   -.084263   .0699426    -1.20   0.229    -.2215827    .0530568
       cyy29 |  -.1096776   .0698156    -1.57   0.117     -.246748    .0273927
       cyy30 |  -.1402149    .069532    -2.02   0.044    -.2767286   -.0037012
       cyy31 |   -.064224   .0719885    -0.89   0.373    -.2055605    .0771126
       cyy32 |   .0273098   .0734927     0.37   0.710    -.1169798    .1715995
       cyy33 |  -.0391981   .1354119    -0.29   0.772    -.3050551    .2266588
       cyy34 |  -.2363538    .245979    -0.96   0.337    -.7192894    .2465819
       cyy35 |  -.2077211   .2478451    -0.84   0.402    -.6943204    .2788783
       cyy36 |  -.1936135   .2476145    -0.78   0.435    -.6797601    .2925331
       cyy37 |  -.1773324   .2479303    -0.72   0.475    -.6640989    .3094342
       cyy38 |  -.1773009   .2484225    -0.71   0.476     -.665034    .3104321
       cyy39 |  -.1647284   .2483025    -0.66   0.507    -.6522257    .3227689
       cyy40 |  -.1261761   .2506424    -0.50   0.615    -.6182674    .3659153
       cyy41 |  -.1440796   .2504968    -0.58   0.565    -.6358851    .3477259
       cyy42 |  -.1372174   .2512249    -0.55   0.585    -.6304524    .3560176
       cyy43 |  -.1127668   .2513103    -0.45   0.654    -.6061694    .3806358
       cyy44 |  -.0659396   .2520369    -0.26   0.794    -.5607689    .4288896
      uncons |  -.4227684    .272772    -1.55   0.122    -.9583072    .1127704
    lfirmage |  -.0194218   .0094667    -2.05   0.041    -.0380078   -.0008357
      public |   .0675057   .0340804     1.98   0.048      .000595    .1344164
      uncons |  (dropped)
     ldegree |   .0204884   .0114215     1.79   0.073    -.0019356    .0429124
 ldegreemiss |    .018276    .071802     0.25   0.799    -.1226943    .1592463
         mba |   .0018186   .0016805     1.08   0.280    -.0014808     .005118
     mbamiss |    .014779   .0433578     0.34   0.733    -.0703463    .0999042
        lhrs |  -.0131743   .0088264    -1.49   0.136    -.0305033    .0041547
       _cons |   3.437219   .2877414    11.95   0.000     2.872291    4.002148
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                     (103 categories)

. areg ls zmonitoring lp le lm lp_f lp_g lp_un lp_us  le_f le_g le_un le_us  lm_f lm_g lm_un lm_us  $noise  cyy* $extras    ,ab(sic3) rob cluster(code)

Linear regression, absorbing indicators                Number of obs =    5350
                                                       F( 91, 708)   =       .
                                                       Prob > F      =
                                                       R-squared     =  0.9812
                                                       Adj R-squared =  0.9805
                                                       Root MSE      =  .20266

                                 (Std. Err. adjusted for 709 clusters in code)
------------------------------------------------------------------------------
             |               Robust
          ls |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
 zmonitoring |   .0249999   .0099866     2.50   0.013      .005393    .0446069
          lp |   .1488161   .0249205     5.97   0.000     .0998893     .197743
          le |   .5212708   .0323358    16.12   0.000     .4577851    .5847564
          lm |   .3070496   .0251272    12.22   0.000     .2577168    .3563824
       lp_fr |   .0564388   .0553956     1.02   0.309    -.0523206    .1651982
       lp_gr |   -.012321   .0376538    -0.33   0.744    -.0862475    .0616056
   lp_uncons |    -.03578   .0468421    -0.76   0.445     -.127746    .0561861
       lp_us |  -.0718733   .0306623    -2.34   0.019    -.1320733   -.0116733
       le_fr |  -.1367991   .0696385    -1.96   0.050    -.2735217   -.0000765
       le_gr |  -.1554882   .0554833    -2.80   0.005    -.2644197   -.0465567
   le_uncons |   .0568638   .0660971     0.86   0.390     -.072906    .1866337
       le_us |   .0198808   .0398406     0.50   0.618    -.0583392    .0981007
       lm_fr |  -.0102462   .0545149    -0.19   0.851    -.1172764    .0967839
       lm_gr |   .1488592   .0419991     3.54   0.000     .0664014    .2313169
       lm_un |   .0500256   .0457468     1.09   0.275      -.03979    .1398412
       lm_us |   .0913129   .0383069     2.38   0.017     .0161041    .1665216
      gender |   .0040852   .0559104     0.07   0.942    -.1056848    .1138552
        sen1 |  -.0197053   .0077434    -2.54   0.011    -.0349081   -.0045024
  tenurepost |    .001441   .0016564     0.87   0.385    -.0018111     .004693
   countries |   .0140115   .0135348     1.04   0.301    -.0125616    .0405847
        day2 |  -.0259798   .0280619    -0.93   0.355    -.0810744    .0291147
        day3 |  -.0124668   .0236111    -0.53   0.598     -.058823    .0338894
        day4 |  -.0188857   .0272979    -0.69   0.489    -.0724802    .0347088
        day5 |   .0208616   .0268124     0.78   0.437    -.0317797     .073503
   timelocal |  -.0061601   .0029666    -2.08   0.038    -.0119845   -.0003358
    duration |   .0011701   .0008111     1.44   0.150    -.0004224    .0027626
        reli |   .0018267   .0100208     0.18   0.855    -.0178473    .0215008
         aa1 |  -.5620705   .1302863    -4.31   0.000    -.8178642   -.3062767
         aa2 |  -.2467077   .1347097    -1.83   0.067    -.5111861    .0177706
         aa3 |  (dropped)
         aa4 |   -.198193   .1320652    -1.50   0.134    -.4574794    .0610933
         aa5 |  -.0062017   .1411022    -0.04   0.965    -.2832305    .2708272
         aa6 |   -.428825   .1043768    -4.11   0.000      -.63375      -.2239
         aa7 |   -.262424   .1280553    -2.05   0.041    -.5138375   -.0110105
         aa8 |  -.2038727   .1209079    -1.69   0.092    -.4412537    .0335082
         aa9 |  -.2206434   .1175258    -1.88   0.061    -.4513841    .0100974
        aa10 |  -.2318647   .1223741    -1.89   0.059    -.4721243    .0083949
        aa11 |  -.1868361   .1188993    -1.57   0.117    -.4202736    .0466013
        aa12 |  -.2431368   .1224633    -1.99   0.047    -.4835715   -.0027021
        aa13 |  -.3172916   .1064922    -2.98   0.003    -.5263699   -.1082134
        aa14 |   -.223567   .1196362    -1.87   0.062    -.4584511    .0113171
        aa15 |  -.2119507   .1180358    -1.80   0.073    -.4436929    .0197915
        aa16 |  -.3040072   .1367808    -2.22   0.027    -.5725516   -.0354627
        cyy1 |   .0536732   .2626231     0.20   0.838    -.4619401    .5692865
        cyy2 |   .0837617   .2636898     0.32   0.751    -.4339457    .6014692
        cyy3 |   .1357293   .2652371     0.51   0.609     -.385016    .6564747
        cyy4 |   .1805906   .2653385     0.68   0.496    -.3403538     .701535
        cyy5 |   .1546554   .2651224     0.58   0.560    -.3658648    .6751755
        cyy6 |   .1586165   .2646415     0.60   0.549    -.3609595    .6781924
        cyy7 |   .1449336   .2642256     0.55   0.584    -.3738258     .663693
        cyy8 |   .1638409   .2649898     0.62   0.537     -.356419    .6841008
        cyy9 |   .2440534   .2647128     0.92   0.357    -.2756626    .7637694
       cyy10 |   .3181735   .2664853     1.19   0.233    -.2050225    .8413695
       cyy11 |   .3285996   .2720693     1.21   0.228    -.2055595    .8627587
       cyy12 |   .9873495   .3058519     3.23   0.001     .3868642    1.587835
       cyy13 |   .9962201   .3131181     3.18   0.002     .3814689    1.610971
       cyy14 |   .9928191   .3179161     3.12   0.002      .368648     1.61699
       cyy15 |   1.008398   .3151805     3.20   0.001     .3895974    1.627198
       cyy16 |   1.017623   .3162935     3.22   0.001     .3966381    1.638609
       cyy17 |    .954782   .3127603     3.05   0.002     .3407333    1.568831
       cyy18 |   .9581471   .3126262     3.06   0.002     .3443619    1.571932
       cyy19 |   .9413669   .3127379     3.01   0.003     .3273624    1.555372
       cyy20 |   1.025967   .3138951     3.27   0.001     .4096907    1.642244
       cyy21 |   1.135453   .3176702     3.57   0.000     .5117652    1.759142
       cyy22 |   1.074802     .32032     3.36   0.001     .4459118    1.703693
       cyy23 |  (dropped)
       cyy24 |   .0313363   .0018342    17.08   0.000     .0277351    .0349375
       cyy25 |   .0162381   .0063197     2.57   0.010     .0038304    .0286458
       cyy26 |   .0169505   .0875999     0.19   0.847    -.1550361    .1889371
       cyy27 |   .1065713   .1033586     1.03   0.303    -.0963548    .3094974
       cyy28 |  -.0646559   .0667973    -0.97   0.333    -.1958004    .0664886
       cyy29 |  -.0898923   .0666109    -1.35   0.178    -.2206708    .0408862
       cyy30 |  -.1203216   .0662957    -1.81   0.070    -.2504813    .0098381
       cyy31 |  -.0445451   .0688912    -0.65   0.518    -.1798005    .0907103
       cyy32 |   .0471397   .0704092     0.67   0.503    -.0910961    .1853756
       cyy33 |  -.0069256   .1338264    -0.05   0.959    -.2696697    .2558185
       cyy34 |   -.238607    .244504    -0.98   0.329    -.7186467    .2414327
       cyy35 |  -.2102718   .2464124    -0.85   0.394    -.6940583    .2735146
       cyy36 |  -.1950586   .2462601    -0.79   0.429     -.678546    .2884288
       cyy37 |  -.1786865   .2465055    -0.72   0.469    -.6626558    .3052828
       cyy38 |  -.1787209   .2469737    -0.72   0.470    -.6636094    .3061676
       cyy39 |  -.1660695   .2468691    -0.67   0.501    -.6507526    .3186136
       cyy40 |  -.1276955   .2491916    -0.51   0.609    -.6169384    .3615475
       cyy41 |  -.1450696   .2491031    -0.58   0.561    -.6341388    .3439996
       cyy42 |  -.1383243   .2498966    -0.55   0.580    -.6289513    .3523027
       cyy43 |  -.1138949   .2499932    -0.46   0.649    -.6047116    .3769218
       cyy44 |  -.0670611   .2507583    -0.27   0.789      -.55938    .4252577
      uncons |  -.4415298   .2727487    -1.62   0.106    -.9770227    .0939632
    lfirmage |  -.0202457   .0094583    -2.14   0.033    -.0388153    -.001676
      public |   .0633427   .0340388     1.86   0.063    -.0034865    .1301719
      uncons |  (dropped)
     ldegree |   .0208779   .0115269     1.81   0.071     -.001753    .0435088
 ldegreemiss |    .029145     .07123     0.41   0.683    -.1107023    .1689923
         mba |   .0019784   .0016648     1.19   0.235    -.0012901     .005247
     mbamiss |   .0040379   .0428156     0.09   0.925     -.080023    .0880987
        lhrs |   -.012818   .0088698    -1.45   0.149    -.0302324    .0045963
       _cons |   3.426465   .2859748    11.98   0.000     2.865005    3.987925
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                     (103 categories)

. areg ls zincentives lp le lm lp_f lp_g lp_un lp_us  le_f le_g le_un le_us  lm_f lm_g lm_un lm_us  $noise  cyy* $extras    ,ab(sic3) rob cluster(code)

Linear regression, absorbing indicators                Number of obs =    5350
                                                       F( 92, 708)   =       .
                                                       Prob > F      =
                                                       R-squared     =  0.9813
                                                       Adj R-squared =  0.9806
                                                       Root MSE      =  .20241

                                 (Std. Err. adjusted for 709 clusters in code)
------------------------------------------------------------------------------
             |               Robust
          ls |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
 zincentives |   .0346419   .0120365     2.88   0.004     .0110103    .0582734
          lp |   .1480496   .0251757     5.88   0.000     .0986217    .1974774
          le |   .5203416   .0318239    16.35   0.000     .4578611    .5828221
          lm |   .3082868   .0251101    12.28   0.000     .2589877    .3575859
       lp_fr |   .0580727   .0554975     1.05   0.296    -.0508866    .1670321
       lp_gr |  -.0120325    .037824    -0.32   0.750     -.086293    .0622281
   lp_uncons |  -.0358934   .0468744    -0.77   0.444    -.1279228    .0561361
       lp_us |  -.0709896   .0309242    -2.30   0.022    -.1317038   -.0102755
       le_fr |  -.1374325   .0694638    -1.98   0.048    -.2738122   -.0010528
       le_gr |  -.1576383   .0553553    -2.85   0.005    -.2663185   -.0489581
   le_uncons |   .0581951   .0659636     0.88   0.378    -.0713125    .1877028
       le_us |   .0191009   .0396919     0.48   0.631     -.058827    .0970289
       lm_fr |  -.0113243     .05452    -0.21   0.836    -.1183646    .0957159
       lm_gr |   .1519185   .0420472     3.61   0.000     .0693663    .2344707
       lm_un |   .0486148   .0459737     1.06   0.291    -.0416464    .1388759
       lm_us |   .0903733   .0383942     2.35   0.019     .0149931    .1657535
      gender |   .0052782   .0546377     0.10   0.923    -.1019931    .1125495
        sen1 |  -.0199702   .0076436    -2.61   0.009     -.034977   -.0049633
  tenurepost |   .0010567     .00164     0.64   0.520    -.0021632    .0042765
   countries |    .012797   .0133324     0.96   0.337    -.0133788    .0389727
        day2 |   -.024802   .0277502    -0.89   0.372    -.0792845    .0296805
        day3 |  -.0132882   .0237025    -0.56   0.575    -.0598239    .0332474
        day4 |    -.02097   .0269751    -0.78   0.437    -.0739309    .0319908
        day5 |   .0200414   .0267395     0.75   0.454    -.0324568    .0725395
   timelocal |   -.006259    .002937    -2.13   0.033    -.0120253   -.0004927
    duration |    .001124   .0008101     1.39   0.166    -.0004664    .0027145
        reli |  -.0010694   .0102834    -0.10   0.917     -.021259    .0191202
         aa1 |  -.5499276   .1277276    -4.31   0.000    -.8006978   -.2991574
         aa2 |  -.2375322   .1329964    -1.79   0.075    -.4986466    .0235823
         aa3 |  (dropped)
         aa4 |  -.1772873    .130671    -1.36   0.175    -.4338363    .0792618
         aa5 |   .0131386   .1399898     0.09   0.925    -.2617062    .2879835
         aa6 |  -.4104442   .1032057    -3.98   0.000    -.6130701   -.2078182
         aa7 |  -.2431063    .127848    -1.90   0.058    -.4941128    .0079003
         aa8 |   -.188905   .1195283    -1.58   0.114    -.4235774    .0457674
         aa9 |  -.2104958   .1158985    -1.82   0.070    -.4380417    .0170501
        aa10 |  -.2164336   .1214743    -1.78   0.075    -.4549267    .0220594
        aa11 |  -.1712552   .1173345    -1.46   0.145    -.4016204    .0591101
        aa12 |  -.2329267   .1213779    -1.92   0.055    -.4712304     .005377
        aa13 |  -.2959644   .1054607    -2.81   0.005    -.5030175   -.0889113
        aa14 |  -.2146428   .1186721    -1.81   0.071    -.4476342    .0183486
        aa15 |  -.2021131   .1170844    -1.73   0.085    -.4319873    .0277611
        aa16 |  -.2948499   .1367669    -2.16   0.031    -.5633671   -.0263327
        cyy1 |   .0735695   .2611734     0.28   0.778    -.4391976    .5863366
        cyy2 |   .1031414   .2622328     0.39   0.694    -.4117055    .6179883
        cyy3 |   .1554651   .2637437     0.59   0.556    -.3623483    .6732785
        cyy4 |    .200019   .2638496     0.76   0.449    -.3180022    .7180402
        cyy5 |   .1742958   .2636969     0.66   0.509    -.3434257    .6920172
        cyy6 |   .1784586    .263184     0.68   0.498    -.3382559     .695173
        cyy7 |   .1646986   .2626726     0.63   0.531    -.3510118     .680409
        cyy8 |    .182835   .2634351     0.69   0.488    -.3343725    .7000425
        cyy9 |   .2631581   .2631768     1.00   0.318    -.2535421    .7798584
       cyy10 |   .3365188   .2649788     1.27   0.205    -.1837194     .856757
       cyy11 |   .3457051   .2705987     1.28   0.202    -.1855668     .876977
       cyy12 |   1.007165   .3058493     3.29   0.001     .4066844    1.607645
       cyy13 |   1.015469   .3126627     3.25   0.001      .401612    1.629326
       cyy14 |   1.011898   .3174341     3.19   0.001     .3886732    1.635123
       cyy15 |   1.026773   .3146985     3.26   0.001     .4089185    1.644627
       cyy16 |   1.036619   .3157958     3.28   0.001     .4166105    1.656627
       cyy17 |   .9740972   .3122804     3.12   0.002     .3609908    1.587204
       cyy18 |   .9766167   .3121996     3.13   0.002     .3636688    1.589565
       cyy19 |   .9618653   .3123463     3.08   0.002     .3486295    1.575101
       cyy20 |   1.045422   .3134702     3.33   0.001     .4299796    1.660864
       cyy21 |   1.154414   .3171974     3.64   0.000     .5316533    1.777174
       cyy22 |   1.097465   .3197734     3.43   0.001     .4696474    1.725283
       cyy23 |  (dropped)
       cyy24 |   .0313499   .0018299    17.13   0.000     .0277573    .0349426
       cyy25 |   .0161854   .0063454     2.55   0.011     .0037273    .0286434
       cyy26 |   .0140002    .086871     0.16   0.872    -.1565555    .1845558
       cyy27 |     .11074   .1023798     1.08   0.280    -.0902643    .3117442
       cyy28 |   -.064121    .066571    -0.96   0.336    -.1948213    .0665792
       cyy29 |  -.0904813   .0664445    -1.36   0.174     -.220933    .0399705
       cyy30 |  -.1217363   .0661675    -1.84   0.066    -.2516442    .0081717
       cyy31 |  -.0456893    .068789    -0.66   0.507     -.180744    .0893655
       cyy32 |   .0448209    .070467     0.64   0.525    -.0935284    .1831702
       cyy33 |  -.0235736   .1355169    -0.17   0.862    -.2896367    .2424894
       cyy34 |  -.2180082   .2429857    -0.90   0.370    -.6950669    .2590504
       cyy35 |  -.1896858   .2449547    -0.77   0.439    -.6706103    .2912388
       cyy36 |  -.1744692   .2447629    -0.71   0.476    -.6550171    .3060787
       cyy37 |  -.1584708    .245048    -0.65   0.518    -.6395784    .3226368
       cyy38 |  -.1585519   .2455971    -0.65   0.519    -.6407376    .3236338
       cyy39 |  -.1457579   .2454414    -0.59   0.553     -.627638    .3361223
       cyy40 |  -.1072294   .2478486    -0.43   0.665    -.5938356    .3793768
       cyy41 |   -.124922   .2478082    -0.50   0.614    -.6114488    .3616048
       cyy42 |  -.1178136   .2484812    -0.47   0.636    -.6056618    .3700346
       cyy43 |  -.0935678   .2486373    -0.38   0.707    -.5817224    .3945868
       cyy44 |  -.0466533   .2494237    -0.19   0.852    -.5363519    .4430454
      uncons |  -.4348022   .2756101    -1.58   0.115     -.975913    .1063087
    lfirmage |   -.020523   .0094247    -2.18   0.030    -.0390268   -.0020193
      public |   .0618411   .0338836     1.83   0.068    -.0046833    .1283655
      uncons |  (dropped)
     ldegree |   .0195445   .0114515     1.71   0.088    -.0029384    .0420274
 ldegreemiss |   .0201558    .071869     0.28   0.779    -.1209461    .1612577
         mba |   .0021126   .0016786     1.26   0.209     -.001183    .0054082
     mbamiss |   .0110448   .0438844     0.25   0.801    -.0751144     .097204
        lhrs |  -.0123756   .0087566    -1.41   0.158    -.0295676    .0048164
       _cons |   3.420466    .282838    12.09   0.000     2.865164    3.975767
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                     (103 categories)

. 
. *FN 17
. u realdata,clear

. so code year

. gen x=(code~=code[_n+1])

. egen snoj=sum(x),by(sic3)

. drop x

. *R&D
. areg ls zmanagement lgrd lp le lm lp_f lp_g lp_un lp_us  le_f le_g le_un le_us  lm_f lm_g lm_un lm_us  $noise  cyy* $extras   if lgrdmiss==0 ,ab(sic3) rob
>  cluster(code)

Linear regression, absorbing indicators                Number of obs =    1936
                                                       F( 42,   215) = 1315.79
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.9888
                                                       Adj R-squared =  0.9882
                                                       Root MSE      =  .15614

                                 (Std. Err. adjusted for 216 clusters in code)
------------------------------------------------------------------------------
             |               Robust
          ls |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
 zmanagement |   .0427794   .0165945     2.58   0.011     .0100706    .0754881
        lgrd |   .0101929   .0097661     1.04   0.298    -.0090566    .0294425
          lp |   .0687453   .0158728     4.33   0.000     .0374591    .1000315
          le |  (dropped)
          lm |   .3901794   .0312129    12.50   0.000     .3286569     .451702
       lp_fr |  (dropped)
       lp_gr |  (dropped)
   lp_uncons |  (dropped)
       lp_us |  (dropped)
       le_fr |  (dropped)
       le_gr |  (dropped)
   le_uncons |  (dropped)
       le_us |   .5228751   .0290811    17.98   0.000     .4655545    .5801957
       lm_fr |  (dropped)
       lm_gr |  (dropped)
       lm_un |  (dropped)
       lm_us |  (dropped)
      gender |  -.0618605   .0536311    -1.15   0.250    -.1675706    .0438496
        sen1 |  -.0232423   .0098888    -2.35   0.020    -.0427338   -.0037509
  tenurepost |   .0013482   .0024836     0.54   0.588    -.0035471    .0062435
   countries |   .0469336   .0162826     2.88   0.004     .0148397    .0790276
        day2 |   -.077048   .0395778    -1.95   0.053    -.1550581    .0009621
        day3 |  -.0901761   .0366524    -2.46   0.015    -.1624201    -.017932
        day4 |  -.0609687    .039443    -1.55   0.124    -.1387131    .0167757
        day5 |  -.0596496   .0436906    -1.37   0.174    -.1457664    .0264672
   timelocal |  -.0051672   .0040141    -1.29   0.199    -.0130792    .0027449
    duration |   .0011605   .0012386     0.94   0.350    -.0012809    .0036018
        reli |   .0027293   .0130763     0.21   0.835    -.0230448    .0285034
         aa1 |  (dropped)
         aa2 |  -.2194628   .1128409    -1.94   0.053     -.441879    .0029533
         aa3 |  (dropped)
         aa4 |  (dropped)
         aa5 |  (dropped)
         aa6 |  (dropped)
         aa7 |  -.0445566   .0712403    -0.63   0.532    -.1849756    .0958623
         aa8 |  -.0196822   .0534678    -0.37   0.713    -.1250705     .085706
         aa9 |   .0418144    .054326     0.77   0.442    -.0652654    .1488942
        aa10 |   .0495761   .0532404     0.93   0.353    -.0553638    .1545161
        aa11 |   .0965326   .0701546     1.38   0.170    -.0417462    .2348114
        aa12 |   -.060805   .0751704    -0.81   0.419    -.2089704    .0873604
        aa13 |  (dropped)
        aa14 |   .0117744   .0559233     0.21   0.833    -.0984538    .1220025
        aa15 |   .0406863   .0550825     0.74   0.461    -.0678845    .1492572
        aa16 |  -.2111952   .1296982    -1.63   0.105    -.4668381    .0444477
        cyy1 |  (dropped)
        cyy2 |  (dropped)
        cyy3 |  (dropped)
        cyy4 |  (dropped)
        cyy5 |  (dropped)
        cyy6 |  (dropped)
        cyy7 |  (dropped)
        cyy8 |  (dropped)
        cyy9 |  (dropped)
       cyy10 |  (dropped)
       cyy11 |  (dropped)
       cyy12 |  (dropped)
       cyy13 |  (dropped)
       cyy14 |  (dropped)
       cyy15 |  (dropped)
       cyy16 |  (dropped)
       cyy17 |  (dropped)
       cyy18 |  (dropped)
       cyy19 |  (dropped)
       cyy20 |  (dropped)
       cyy21 |  (dropped)
       cyy22 |  (dropped)
       cyy23 |  (dropped)
       cyy24 |  (dropped)
       cyy25 |  (dropped)
       cyy26 |  (dropped)
       cyy27 |  (dropped)
       cyy28 |  (dropped)
       cyy29 |  (dropped)
       cyy30 |  (dropped)
       cyy31 |  (dropped)
       cyy32 |  (dropped)
       cyy33 |  (dropped)
       cyy34 |  -.0375187   .0134889    -2.78   0.006    -.0641061   -.0109314
       cyy35 |  (dropped)
       cyy36 |   .0209329   .0130084     1.61   0.109    -.0047075    .0465733
       cyy37 |   .0410013   .0137439     2.98   0.003     .0139113    .0680914
       cyy38 |   .0363895   .0160079     2.27   0.024     .0048371    .0679419
       cyy39 |   .0522671   .0157248     3.32   0.001     .0212726    .0832615
       cyy40 |   .0996444   .0202093     4.93   0.000     .0598107     .139478
       cyy41 |    .066947   .0187046     3.58   0.000     .0300791    .1038148
       cyy42 |   .0517772   .0174271     2.97   0.003     .0174274     .086127
       cyy43 |   .0894887   .0183571     4.87   0.000     .0533058    .1256717
       cyy44 |   .1477139   .0219736     6.72   0.000     .1044027    .1910251
      uncons |  (dropped)
    lfirmage |   .0118891    .014871     0.80   0.425    -.0174226    .0412007
      public |  (dropped)
      uncons |  (dropped)
     ldegree |  -.0161827   .0161733    -1.00   0.318    -.0480614    .0156959
 ldegreemiss |  -.1468641   .1164602    -1.26   0.209     -.376414    .0826858
         mba |   .0034561   .0025695     1.35   0.180    -.0016086    .0085208
     mbamiss |    .041669   .0420897     0.99   0.323    -.0412923    .1246303
        lhrs |  -.0200823   .0110503    -1.82   0.071    -.0418631    .0016985
       _cons |   3.354716   .2508509    13.37   0.000     2.860274    3.849157
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                      (56 categories)

. areg ls zmanagement      lp le lm lp_f lp_g lp_un lp_us  le_f le_g le_un le_us  lm_f lm_g lm_un lm_us  $noise  cyy* $extras   if lgrdmiss==0 ,ab(sic3) rob
>  cluster(code)

Linear regression, absorbing indicators                Number of obs =    1936
                                                       F( 41,   215) = 1355.65
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.9887
                                                       Adj R-squared =  0.9881
                                                       Root MSE      =  .15626

                                 (Std. Err. adjusted for 216 clusters in code)
------------------------------------------------------------------------------
             |               Robust
          ls |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
 zmanagement |   .0460944   .0167916     2.75   0.007     .0129971    .0791917
          lp |   .0724883   .0154844     4.68   0.000     .0419676    .1030091
          le |  (dropped)
          lm |   .3931369   .0302328    13.00   0.000     .3335464    .4527275
       lp_fr |  (dropped)
       lp_gr |  (dropped)
   lp_uncons |  (dropped)
       lp_us |  (dropped)
       le_fr |  (dropped)
       le_gr |  (dropped)
   le_uncons |  (dropped)
       le_us |   .5241023   .0295416    17.74   0.000     .4658741    .5823305
       lm_fr |  (dropped)
       lm_gr |  (dropped)
       lm_un |  (dropped)
       lm_us |  (dropped)
      gender |  -.0703656   .0559875    -1.26   0.210    -.1807203    .0399891
        sen1 |  -.0228048   .0098803    -2.31   0.022    -.0422794   -.0033302
  tenurepost |   .0012126   .0025091     0.48   0.629     -.003733    .0061582
   countries |   .0466577   .0163729     2.85   0.005     .0143858    .0789297
        day2 |  -.0761961   .0398051    -1.91   0.057    -.1546543     .002262
        day3 |  -.0885101   .0366049    -2.42   0.016    -.1606604   -.0163597
        day4 |  -.0623508   .0397205    -1.57   0.118    -.1406422    .0159406
        day5 |  -.0637953   .0443177    -1.44   0.151    -.1511481    .0235576
   timelocal |  -.0050401     .00402    -1.25   0.211    -.0129637    .0028835
    duration |   .0012205   .0012545     0.97   0.332    -.0012522    .0036931
        reli |   .0021471   .0132222     0.16   0.871    -.0239146    .0282089
         aa1 |  (dropped)
         aa2 |  -.2121258   .1117902    -1.90   0.059    -.4324709    .0082193
         aa3 |  (dropped)
         aa4 |  (dropped)
         aa5 |  (dropped)
         aa6 |  (dropped)
         aa7 |  -.0462085   .0716085    -0.65   0.519    -.1873532    .0949362
         aa8 |  -.0209551   .0527291    -0.40   0.691    -.1248873    .0829771
         aa9 |   .0520842   .0554961     0.94   0.349    -.0573019    .1614703
        aa10 |   .0610524   .0542499     1.13   0.262    -.0458773     .167982
        aa11 |   .1105754   .0698053     1.58   0.115     -.027015    .2481658
        aa12 |  -.0576717   .0744679    -0.77   0.440    -.2044523    .0891088
        aa13 |  (dropped)
        aa14 |   .0178671   .0553024     0.32   0.747    -.0911372    .1268714
        aa15 |   .0424953   .0548934     0.77   0.440    -.0657029    .1506935
        aa16 |   -.198063   .1308325    -1.51   0.132    -.4559416    .0598156
        cyy1 |  (dropped)
        cyy2 |  (dropped)
        cyy3 |  (dropped)
        cyy4 |  (dropped)
        cyy5 |  (dropped)
        cyy6 |  (dropped)
        cyy7 |  (dropped)
        cyy8 |  (dropped)
        cyy9 |  (dropped)
       cyy10 |  (dropped)
       cyy11 |  (dropped)
       cyy12 |  (dropped)
       cyy13 |  (dropped)
       cyy14 |  (dropped)
       cyy15 |  (dropped)
       cyy16 |  (dropped)
       cyy17 |  (dropped)
       cyy18 |  (dropped)
       cyy19 |  (dropped)
       cyy20 |  (dropped)
       cyy21 |  (dropped)
       cyy22 |  (dropped)
       cyy23 |  (dropped)
       cyy24 |  (dropped)
       cyy25 |  (dropped)
       cyy26 |  (dropped)
       cyy27 |  (dropped)
       cyy28 |  (dropped)
       cyy29 |  (dropped)
       cyy30 |  (dropped)
       cyy31 |  (dropped)
       cyy32 |  (dropped)
       cyy33 |  (dropped)
       cyy34 |  -.0358038   .0132119    -2.71   0.007    -.0618452   -.0097625
       cyy35 |  (dropped)
       cyy36 |   .0199064   .0128772     1.55   0.124    -.0054753     .045288
       cyy37 |   .0394999   .0134213     2.94   0.004     .0130457    .0659541
       cyy38 |   .0345685   .0153462     2.25   0.025     .0043203    .0648166
       cyy39 |   .0503476   .0151563     3.32   0.001     .0204736    .0802216
       cyy40 |   .0977506   .0195908     4.99   0.000     .0591359    .1363653
       cyy41 |   .0654418   .0181687     3.60   0.000     .0296302    .1012535
       cyy42 |    .050395     .01697     2.97   0.003      .016946    .0838439
       cyy43 |   .0885566   .0180371     4.91   0.000     .0530044    .1241087
       cyy44 |   .1465164   .0215668     6.79   0.000     .1040069    .1890258
      uncons |  (dropped)
    lfirmage |   .0115406   .0149971     0.77   0.442    -.0180195    .0411007
      public |  (dropped)
      uncons |  (dropped)
     ldegree |  -.0109559   .0155116    -0.71   0.481    -.0415301    .0196183
 ldegreemiss |  -.1252215   .1132353    -1.11   0.270     -.348415     .097972
         mba |   .0035306   .0026097     1.35   0.178    -.0016132    .0086744
     mbamiss |   .0441294   .0420692     1.05   0.295    -.0387914    .1270502
        lhrs |  -.0202248   .0110567    -1.83   0.069    -.0420183    .0015687
       _cons |   3.286715   .2246023    14.63   0.000     2.844011     3.72942
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                      (56 categories)

. *PCs (data created by file at end of progam)
. areg ls zmanagement lpc_emp lp le lm lp_f lp_g lp_un lp_us  le_f le_g le_un le_us  lm_f lm_g lm_un lm_us  $noise  cyy* $extras   if lpc_emp~=. ,ab(sic3) r
> ob cluster(code)

Linear regression, absorbing indicators                Number of obs =     648
                                                       F( 65, 180)   =       .
                                                       Prob > F      =
                                                       R-squared     =  0.9888
                                                       Adj R-squared =  0.9859
                                                       Root MSE      =   .1757

                                 (Std. Err. adjusted for 181 clusters in code)
------------------------------------------------------------------------------
             |               Robust
          ls |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
 zmanagement |   .0839082   .0406378     2.06   0.040     .0037205    .1640959
     lpc_emp |   .0463164    .024862     1.86   0.064     -.002742    .0953747
          lp |   .0837269   .0481297     1.74   0.084    -.0112441    .1786979
          le |   .5199928   .0702324     7.40   0.000      .381408    .6585776
          lm |   .3287745   .0683443     4.81   0.000     .1939154    .4636337
       lp_fr |   .0922758   .0812693     1.14   0.258    -.0680872    .2526389
       lp_gr |   .0238046   .0680438     0.35   0.727    -.1104616    .1580708
   lp_uncons |   .0045183   .0573928     0.08   0.937     -.108731    .1177675
       lp_us |  (dropped)
       le_fr |  -.1477613   .1153127    -1.28   0.202    -.3752998    .0797773
       le_gr |     -.1737   .0929157    -1.87   0.063     -.357044    .0096441
   le_uncons |   .0755023   .0861008     0.88   0.382    -.0943945     .245399
       le_us |  (dropped)
       lm_fr |  -.0338827   .1028192    -0.33   0.742    -.2367687    .1690032
       lm_gr |   .1359735   .0786957     1.73   0.086    -.0193112    .2912583
       lm_un |   .0787877   .0668726     1.18   0.240    -.0531674    .2107427
       lm_us |  (dropped)
      gender |   .2103809   .1512848     1.39   0.166    -.0881388    .5089007
        sen1 |   .0365712    .024857     1.47   0.143    -.0124775    .0856198
  tenurepost |  -.0035517   .0042738    -0.83   0.407    -.0119849    .0048815
   countries |   .0025397   .0385681     0.07   0.948     -.073564    .0786434
        day2 |   .0272912   .0715087     0.38   0.703     -.113812    .1683943
        day3 |   .0046289   .0747665     0.06   0.951    -.1429026    .1521604
        day4 |  -.0714043   .0797136    -0.90   0.372    -.2286976     .085889
        day5 |    .108912   .0996033     1.09   0.276    -.0876284    .3054523
   timelocal |  -.0051724   .0079508    -0.65   0.516    -.0208611    .0105164
    duration |   .0002204   .0023467     0.09   0.925    -.0044101    .0048509
        reli |  -.0803173   .0322913    -2.49   0.014    -.1440356   -.0165991
         aa1 |  (dropped)
         aa2 |  (dropped)
         aa3 |  (dropped)
         aa4 |   .6999201   .2104012     3.33   0.001       .28475     1.11509
         aa5 |   .7866625   .1858308     4.23   0.000     .4199753     1.15335
         aa6 |  -.3710467   .3124302    -1.19   0.237    -.9875436    .2454502
         aa7 |  (dropped)
         aa8 |   .3425553   .2156985     1.59   0.114    -.0830677    .7681782
         aa9 |   .3291829   .1544399     2.13   0.034     .0244373    .6339286
        aa10 |    .709025   .2946488     2.41   0.017     .1276149    1.290435
        aa11 |   .2314416   .2428251     0.95   0.342    -.2477083    .7105915
        aa12 |   .7256464   .3115222     2.33   0.021     .1109412    1.340352
        aa13 |   -.329705    .279062    -1.18   0.239    -.8803587    .2209486
        aa14 |   .1595802   .1922819     0.83   0.408    -.2198363    .5389968
        aa15 |   .2485965   .1916427     1.30   0.196    -.1295589    .6267519
        aa16 |  (dropped)
        cyy1 |   .4018133   .4692669     0.86   0.393    -.5241587    1.327785
        cyy2 |   .4992659   .4595063     1.09   0.279    -.4074461    1.405978
        cyy3 |   .5792484   .4597884     1.26   0.209    -.3280202    1.486517
        cyy4 |   .5657084   .4631372     1.22   0.224    -.3481683    1.479585
        cyy5 |   .5821532    .462918     1.26   0.210    -.3312907    1.495597
        cyy6 |   .5955209   .4538874     1.31   0.191    -.3001037    1.491145
        cyy7 |   .6110627   .4533424     1.35   0.179    -.2834866    1.505612
        cyy8 |     .61644   .4558322     1.35   0.178    -.2830223    1.515902
        cyy9 |   .7242008   .4557137     1.59   0.114    -.1750275    1.623429
       cyy10 |   .7785503    .460066     1.69   0.092    -.1292661    1.686367
       cyy11 |   .8766387   .4673562     1.88   0.062     -.045563     1.79884
       cyy12 |  (dropped)
       cyy13 |  (dropped)
       cyy14 |  (dropped)
       cyy15 |   1.974107   1.096865     1.80   0.074    -.1902606    4.138475
       cyy16 |   1.949779   1.084393     1.80   0.074    -.1899778    4.089537
       cyy17 |   2.025667   1.088263     1.86   0.064    -.1217276    4.173061
       cyy18 |   2.062948   1.087733     1.90   0.059    -.0834009    4.209297
       cyy19 |   1.991115   1.076306     1.85   0.066    -.1326859    4.114915
       cyy20 |   2.120125   1.078996     1.96   0.051    -.0089835    4.249233
       cyy21 |   2.144444   1.086715     1.97   0.050     .0001042    4.288784
       cyy22 |   2.196174   1.083387     2.03   0.044     .0584021    4.333947
       cyy23 |  (dropped)
       cyy24 |  (dropped)
       cyy25 |  (dropped)
       cyy26 |  (dropped)
       cyy27 |  (dropped)
       cyy28 |  -.0998559   .0425599    -2.35   0.020    -.1838364   -.0158753
       cyy29 |  -.1462668   .0455705    -3.21   0.002    -.2361878   -.0563457
       cyy30 |  -.1952442   .0388891    -5.02   0.000    -.2719813   -.1185071
       cyy31 |  -.1328353   .0297321    -4.47   0.000    -.1915035    -.074167
       cyy32 |  (dropped)
       cyy33 |  (dropped)
       cyy34 |  (dropped)
       cyy35 |  (dropped)
       cyy36 |  (dropped)
       cyy37 |  (dropped)
       cyy38 |  (dropped)
       cyy39 |  (dropped)
       cyy40 |  (dropped)
       cyy41 |  (dropped)
       cyy42 |  (dropped)
       cyy43 |  (dropped)
       cyy44 |  (dropped)
      uncons |  -1.265744   .3903887    -3.24   0.001    -2.036071   -.4954167
    lfirmage |   .0057945   .0228305     0.25   0.800    -.0392554    .0508444
      public |   .0363849   .0541816     0.67   0.503    -.0705279    .1432977
      uncons |  (dropped)
     ldegree |  -.0019743   .0413017    -0.05   0.962    -.0834722    .0795236
 ldegreemiss |   .3069823   .2062807     1.49   0.138    -.1000572    .7140218
         mba |   .0223832   .0189935     1.18   0.240    -.0150953    .0598618
     mbamiss |  -.4551783   .1247697    -3.65   0.000    -.7013777   -.2089788
        lhrs |  -.0423423   .0208885    -2.03   0.044    -.0835601   -.0011245
       _cons |   3.206323   .5106219     6.28   0.000     2.198748    4.213898
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                      (69 categories)

. areg ls zmanagement         lp le lm lp_f lp_g lp_un lp_us  le_f le_g le_un le_us  lm_f lm_g lm_un lm_us  $noise  cyy* $extras   if lpc_emp~=. ,ab(sic3) r
> ob cluster(code)

Linear regression, absorbing indicators                Number of obs =     648
                                                       F( 63, 180)   =       .
                                                       Prob > F      =
                                                       R-squared     =  0.9886
                                                       Adj R-squared =  0.9856
                                                       Root MSE      =  .17692

                                 (Std. Err. adjusted for 181 clusters in code)
------------------------------------------------------------------------------
             |               Robust
          ls |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
 zmanagement |   .0877675   .0412857     2.13   0.035     .0063014    .1692337
          lp |   .0758121   .0494058     1.53   0.127    -.0216769    .1733011
          le |   .5352727   .0709156     7.55   0.000     .3953397    .6752056
          lm |   .3314176   .0682768     4.85   0.000     .1966917    .4661435
       lp_fr |   .0980694   .0814948     1.20   0.230    -.0627385    .2588774
       lp_gr |   .0373438   .0697085     0.54   0.593    -.1002071    .1748947
   lp_uncons |   .0038839   .0580185     0.07   0.947       -.1106    .1183678
       lp_us |  (dropped)
       le_fr |  -.1706649   .1143643    -1.49   0.137    -.3963322    .0550023
       le_gr |  -.1974793   .0927256    -2.13   0.035    -.3804484   -.0145102
   le_uncons |   .0687769   .0867808     0.79   0.429    -.1024616    .2400154
       le_us |  (dropped)
       lm_fr |  -.0301392   .1049602    -0.29   0.774    -.2372498    .1769714
       lm_gr |   .1401441   .0815952     1.72   0.088     -.020862    .3011503
       lm_un |   .0840409   .0675303     1.24   0.215    -.0492119    .2172937
       lm_us |  (dropped)
      gender |   .3007017   .1617764     1.86   0.065    -.0185205    .6199238
        sen1 |   .0377124   .0261279     1.44   0.151    -.0138441    .0892688
  tenurepost |   -.002589   .0043754    -0.59   0.555    -.0112226    .0060446
   countries |  -.0002899   .0399042    -0.01   0.994    -.0790302    .0784504
        day2 |   .0285145   .0736106     0.39   0.699    -.1167363    .1737652
        day3 |  -.0005913   .0743663    -0.01   0.994    -.1473332    .1461505
        day4 |  -.0693754   .0796716    -0.87   0.385    -.2265859    .0878351
        day5 |   .0902032   .0986744     0.91   0.362    -.1045041    .2849105
   timelocal |  -.0052893   .0081225    -0.65   0.516    -.0213167    .0107382
    duration |   .0000899   .0024127     0.04   0.970    -.0046709    .0048506
        reli |  -.0825525   .0333471    -2.48   0.014     -.148354    -.016751
         aa1 |  (dropped)
         aa2 |  (dropped)
         aa3 |  (dropped)
         aa4 |   .6450759    .217348     2.97   0.003     .2161981    1.073954
         aa5 |   .7281758   .1885521     3.86   0.000     .3561191    1.100233
         aa6 |  -.4420573   .3218195    -1.37   0.171    -1.077081    .1929668
         aa7 |  (dropped)
         aa8 |   .2763202   .2173713     1.27   0.205    -.1526035    .7052439
         aa9 |   .2652184   .1500318     1.77   0.079    -.0308289    .5612658
        aa10 |   .6458416   .2838412     2.28   0.024     .0857574    1.205926
        aa11 |   .1686292   .2365916     0.71   0.477    -.2982206    .6354791
        aa12 |   .6519603   .2998162     2.17   0.031     .0603536    1.243567
        aa13 |  -.3524208   .2881282    -1.22   0.223    -.9209642    .2161225
        aa14 |   .0985558   .1885729     0.52   0.602     -.273542    .4706536
        aa15 |   .1793763   .1869147     0.96   0.339    -.1894495    .5482021
        aa16 |  (dropped)
        cyy1 |   .3958815   .4701559     0.84   0.401    -.5318445    1.323608
        cyy2 |   .5047654   .4627157     1.09   0.277    -.4082795     1.41781
        cyy3 |   .5839168   .4611322     1.27   0.207    -.3260034    1.493837
        cyy4 |   .5713637   .4645256     1.23   0.220    -.3452525     1.48798
        cyy5 |   .5878892   .4659155     1.26   0.209    -.3314696    1.507248
        cyy6 |   .6143052   .4574582     1.34   0.181    -.2883655    1.516976
        cyy7 |   .6342478   .4570472     1.39   0.167    -.2676117    1.536107
        cyy8 |   .6394247   .4598329     1.39   0.166    -.2679317    1.546781
        cyy9 |   .7460444   .4597475     1.62   0.106    -.1611436    1.653232
       cyy10 |    .802868     .46388     1.73   0.085    -.1124743     1.71821
       cyy11 |   .8965514   .4713711     1.90   0.059    -.0335727    1.826675
       cyy12 |  (dropped)
       cyy13 |  (dropped)
       cyy14 |  (dropped)
       cyy15 |   2.005197   1.111572     1.80   0.073    -.1881914    4.198585
       cyy16 |   1.994288   1.100678     1.81   0.072    -.1776043    4.166181
       cyy17 |   2.057644   1.102504     1.87   0.064     -.117852    4.233139
       cyy18 |   2.088321   1.102671     1.89   0.060    -.0875034    4.264146
       cyy19 |   2.016058   1.090127     1.85   0.066    -.1350147    4.167131
       cyy20 |   2.148953   1.093908     1.96   0.051    -.0095806    4.307487
       cyy21 |    2.17639   1.101413     1.98   0.050     .0030487    4.349732
       cyy22 |   2.225772   1.096688     2.03   0.044     .0617543    4.389791
       cyy23 |  (dropped)
       cyy24 |  (dropped)
       cyy25 |  (dropped)
       cyy26 |  (dropped)
       cyy27 |  (dropped)
       cyy28 |  -.1108351   .0422221    -2.63   0.009     -.194149   -.0275211
       cyy29 |  -.1509708   .0437197    -3.45   0.001    -.2372398   -.0647018
       cyy30 |  -.1982303   .0387411    -5.12   0.000    -.2746754   -.1217852
       cyy31 |  -.1359124   .0301603    -4.51   0.000    -.1954256   -.0763992
       cyy32 |  (dropped)
       cyy33 |  (dropped)
       cyy34 |  (dropped)
       cyy35 |  (dropped)
       cyy36 |  (dropped)
       cyy37 |  (dropped)
       cyy38 |  (dropped)
       cyy39 |  (dropped)
       cyy40 |  (dropped)
       cyy41 |  (dropped)
       cyy42 |  (dropped)
       cyy43 |  (dropped)
       cyy44 |  (dropped)
      uncons |  (dropped)
    lfirmage |   .0013039    .024467     0.05   0.958    -.0469752    .0495829
      public |   .0412594   .0547677     0.75   0.452    -.0668099    .1493287
      uncons |  -1.260288    .389706    -3.23   0.001    -2.029268   -.4913083
     ldegree |   .0076299   .0422276     0.18   0.857    -.0756949    .0909548
 ldegreemiss |    .284426   .2121681     1.34   0.182    -.1342306    .7030826
         mba |    .020955    .019508     1.07   0.284    -.0175388    .0594489
     mbamiss |  -.4208647   .1260367    -3.34   0.001    -.6695642   -.1721653
        lhrs |  -.0469093   .0217252    -2.16   0.032    -.0897781   -.0040405
       _cons |   3.181098   .5162653     6.16   0.000     2.162387    4.199809
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                      (69 categories)

. 
. 
. *Text - Factor analysis
. u realdata,clear

. so code year

. factor zlean* zperf* ztalent1 ztalent3 ztalent4 ztalent5 ztalent6 ztalent7 if code~=code[_n-1],pcf
(obs=688)

Factor analysis/correlation                        Number of obs    =      688
    Method: principal-component factors            Retained factors =        2
    Rotation: (unrotated)                          Number of params =       37

    --------------------------------------------------------------------------
         Factor  |   Eigenvalue   Difference        Proportion   Cumulative
    -------------+------------------------------------------------------------
        Factor1  |      9.20214      7.87680            0.4843       0.4843
        Factor2  |      1.32535      0.35332            0.0698       0.5541
        Factor3  |      0.97203      0.14122            0.0512       0.6052
        Factor4  |      0.83081      0.04232            0.0437       0.6490
        Factor5  |      0.78849      0.08696            0.0415       0.6905
        Factor6  |      0.70153      0.09271            0.0369       0.7274
        Factor7  |      0.60882      0.06416            0.0320       0.7594
        Factor8  |      0.54466      0.06471            0.0287       0.7881
        Factor9  |      0.47995      0.00605            0.0253       0.8134
       Factor10  |      0.47390      0.02010            0.0249       0.8383
       Factor11  |      0.45380      0.03153            0.0239       0.8622
       Factor12  |      0.42227      0.01941            0.0222       0.8844
       Factor13  |      0.40286      0.02109            0.0212       0.9056
       Factor14  |      0.38178      0.01979            0.0201       0.9257
       Factor15  |      0.36199      0.01857            0.0191       0.9448
       Factor16  |      0.34342      0.08529            0.0181       0.9628
       Factor17  |      0.25813      0.02929            0.0136       0.9764
       Factor18  |      0.22884      0.00961            0.0120       0.9885
       Factor19  |      0.21923            .            0.0115       1.0000
    --------------------------------------------------------------------------
    LR test: independent vs. saturated: chi2(171) = 7383.81 Prob>chi2 = 0.0000

Factor loadings (pattern matrix) and unique variances

    -------------------------------------------------
        Variable |  Factor1   Factor2 |   Uniqueness 
    -------------+--------------------+--------------
          zlean1 |   0.7610   -0.3208 |      0.3179  
          zlean2 |   0.7175   -0.3036 |      0.3930  
          zlean3 |   0.7403   -0.3305 |      0.3427  
          zperf1 |   0.7505   -0.2154 |      0.3904  
          zperf2 |   0.7341   -0.2895 |      0.3773  
          zperf3 |   0.7576   -0.2159 |      0.3794  
          zperf4 |   0.7592   -0.1648 |      0.3964  
          zperf5 |   0.7254   -0.0248 |      0.4731  
          zperf6 |   0.6980    0.0052 |      0.5127  
          zperf7 |   0.7366    0.0929 |      0.4488  
          zperf8 |   0.6911   -0.0233 |      0.5219  
          zperf9 |   0.7166    0.0113 |      0.4864  
         zperf10 |   0.6614   -0.0082 |      0.5625  
        ztalent1 |   0.6838    0.2242 |      0.4821  
        ztalent3 |   0.6038    0.3806 |      0.4906  
        ztalent4 |   0.5675    0.3454 |      0.5586  
        ztalent5 |   0.6814    0.3987 |      0.3767  
        ztalent6 |   0.5929    0.4703 |      0.4273  
        ztalent7 |   0.5941    0.3353 |      0.5346  
    -------------------------------------------------

. predict factor1
(regression scoring assumed)

Scoring coefficients (method = regression)

    ----------------------------------
        Variable |  Factor1   Factor2 
    -------------+--------------------
          zlean1 |  0.08270  -0.24204 
          zlean2 |  0.07797  -0.22910 
          zlean3 |  0.08045  -0.24934 
          zperf1 |  0.08156  -0.16252 
          zperf2 |  0.07977  -0.21843 
          zperf3 |  0.08233  -0.16292 
          zperf4 |  0.08251  -0.12438 
          zperf5 |  0.07883  -0.01871 
          zperf6 |  0.07586   0.00394 
          zperf7 |  0.08005   0.07013 
          zperf8 |  0.07510  -0.01760 
          zperf9 |  0.07787   0.00855 
         zperf10 |  0.07187  -0.00619 
        ztalent1 |  0.07431   0.16913 
        ztalent3 |  0.06561   0.28719 
        ztalent4 |  0.06167   0.26062 
        ztalent5 |  0.07405   0.30085 
        ztalent6 |  0.06443   0.35483 
        ztalent7 |  0.06456   0.25303 
    ----------------------------------


. areg ls factor1 lp le lm lp_f lp_g lp_un lp_us  le_f le_g le_un le_us  lm_f lm_g lm_un lm_us  $noise  cyy* $extras  ,ab(sic3) rob cluster(code)

Linear regression, absorbing indicators                Number of obs =    5075
                                                       F( 91, 667)   =       .
                                                       Prob > F      =
                                                       R-squared     =  0.9811
                                                       Adj R-squared =  0.9804
                                                       Root MSE      =  .20315

                                 (Std. Err. adjusted for 668 clusters in code)
------------------------------------------------------------------------------
             |               Robust
          ls |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
     factor1 |   .0269791   .0086527     3.12   0.002     .0099894    .0439689
          lp |   .1399792   .0267941     5.22   0.000     .0873683    .1925901
          le |   .5277262   .0332677    15.86   0.000     .4624041    .5930483
          lm |   .3082932   .0279958    11.01   0.000     .2533226    .3632637
       lp_fr |   .0553985   .0563247     0.98   0.326    -.0551966    .1659937
       lp_gr |   -.012553   .0399481    -0.31   0.753    -.0909922    .0658863
   lp_uncons |  -.0279043   .0480108    -0.58   0.561    -.1221749    .0663663
       lp_us |  -.0614939   .0330561    -1.86   0.063    -.1264005    .0034127
       le_fr |  -.1309277    .070705    -1.85   0.065    -.2697589    .0079035
       le_gr |  -.1529386   .0597078    -2.56   0.011    -.2701764   -.0357007
   le_uncons |   .0433868   .0667859     0.65   0.516    -.0877492    .1745227
       le_us |   .0077935   .0424261     0.18   0.854    -.0755112    .0910982
       lm_fr |  -.0139944   .0549541    -0.25   0.799    -.1218983    .0939095
       lm_gr |   .1490041   .0480813     3.10   0.002     .0545952     .243413
       lm_un |   .0540052   .0468226     1.15   0.249    -.0379322    .1459426
       lm_us |   .0940524   .0426489     2.21   0.028     .0103101    .1777947
      gender |   .0061573   .0649915     0.09   0.925    -.1214553      .13377
        sen1 |  -.0192497   .0079855    -2.41   0.016    -.0349296   -.0035699
  tenurepost |   .0014785   .0017381     0.85   0.395    -.0019343    .0048914
   countries |    .011064   .0136386     0.81   0.418    -.0157158    .0378439
        day2 |  -.0304503   .0289846    -1.05   0.294    -.0873624    .0264618
        day3 |  -.0118679   .0243764    -0.49   0.627    -.0597316    .0359958
        day4 |  -.0279914   .0285713    -0.98   0.328    -.0840919    .0281092
        day5 |   .0242078   .0277465     0.87   0.383    -.0302731    .0786888
   timelocal |  -.0051413   .0031345    -1.64   0.101     -.011296    .0010135
    duration |    .001232   .0008353     1.47   0.141    -.0004082    .0028721
        reli |  -.0060418   .0106778    -0.57   0.572    -.0270079    .0149243
         aa1 |  -.3978313   .1372461    -2.90   0.004    -.6673176   -.1283449
         aa2 |  -.0779475    .094131    -0.83   0.408    -.2627762    .1068813
         aa3 |   .1591181   .1342476     1.19   0.236    -.1044806    .4227168
         aa4 |  (dropped)
         aa5 |   .1797598   .0690437     2.60   0.009     .0441906     .315329
         aa6 |  -.2632593   .0997321    -2.64   0.008     -.459086   -.0674325
         aa7 |   -.082657   .0818739    -1.01   0.313    -.2434186    .0781045
         aa8 |  -.0193346   .0657643    -0.29   0.769    -.1484647    .1097954
         aa9 |  -.0541335   .0667965    -0.81   0.418    -.1852902    .0770231
        aa10 |  -.0704068   .0908483    -0.77   0.439    -.2487898    .1079762
        aa11 |  -.0105069   .0702127    -0.15   0.881    -.1483714    .1273576
        aa12 |  -.0787701   .0858585    -0.92   0.359    -.2473556    .0898153
        aa13 |  -.1651078   .0850138    -1.94   0.053    -.3320347    .0018191
        aa14 |  -.0549045   .0698017    -0.79   0.432     -.191962    .0821529
        aa15 |  -.0439251   .0644459    -0.68   0.496    -.1704664    .0826163
        aa16 |  -.1352246   .1015632    -1.33   0.184    -.3346467    .0641975
        cyy1 |    .173086   .3015277     0.57   0.566    -.4189717    .7651438
        cyy2 |    .204609   .3015184     0.68   0.498    -.3874305    .7966485
        cyy3 |   .2609097   .3032152     0.86   0.390    -.3344615     .856281
        cyy4 |   .2969722   .3030508     0.98   0.327    -.2980763    .8920207
        cyy5 |   .2740708   .3034545     0.90   0.367    -.3217702    .8699119
        cyy6 |   .2781488   .3030024     0.92   0.359    -.3168047    .8731022
        cyy7 |   .2647678   .3020865     0.88   0.381    -.3283873    .8579228
        cyy8 |    .279901   .3025227     0.93   0.355    -.3141106    .8739125
        cyy9 |   .3574674   .3027395     1.18   0.238    -.2369697    .9519045
       cyy10 |   .4302684   .3042302     1.41   0.158    -.1670959    1.027633
       cyy11 |   .4374716   .3097943     1.41   0.158    -.1708179    1.045761
       cyy12 |   1.123005   .3696667     3.04   0.002     .3971548    1.848856
       cyy13 |   1.132534   .3743554     3.03   0.003      .397477    1.867591
       cyy14 |    1.12977   .3768852     3.00   0.003     .3897456    1.869794
       cyy15 |   1.143843    .374489     3.05   0.002     .4085233    1.879162
       cyy16 |   1.153473   .3729421     3.09   0.002      .421191    1.885755
       cyy17 |   1.091745   .3689415     2.96   0.003     .3673184    1.816172
       cyy18 |   1.094402   .3698628     2.96   0.003     .3681661    1.820637
       cyy19 |   1.079369   .3676896     2.94   0.003     .3574009    1.801338
       cyy20 |   1.165078   .3700729     3.15   0.002     .4384303    1.891726
       cyy21 |   1.273732   .3744232     3.40   0.001     .5385416    2.008922
       cyy22 |   1.209073   .3815111     3.17   0.002     .4599657     1.95818
       cyy23 |   .1048243     .17963     0.58   0.560     -.247884    .4575327
       cyy24 |   .1365787   .1792723     0.76   0.446    -.2154273    .4885848
       cyy25 |   .1226931   .1787821     0.69   0.493    -.2283503    .4737366
       cyy26 |   .1270139   .1485205     0.86   0.393    -.1646101    .4186378
       cyy27 |   .2138288   .1551751     1.38   0.169    -.0908617    .5185193
       cyy28 |   .0272606   .1328474     0.21   0.837    -.2335888      .28811
       cyy29 |   .0143478   .1319455     0.11   0.913    -.2447307    .2734264
       cyy30 |  -.0218725   .1316476    -0.17   0.868    -.2803661    .2366211
       cyy31 |   .0528495   .1285595     0.41   0.681    -.1995805    .3052795
       cyy32 |   .1509578   .1292639     1.17   0.243    -.1028553     .404771
       cyy33 |  (dropped)
       cyy34 |   -.171116   .2824039    -0.61   0.545    -.7256237    .3833918
       cyy35 |  -.1467007   .2840499    -0.52   0.606    -.7044403     .411039
       cyy36 |  -.1287868   .2840982    -0.45   0.650    -.6866212    .4290477
       cyy37 |  -.1160479   .2840769    -0.41   0.683    -.6738405    .4417448
       cyy38 |  -.1166373   .2847144    -0.41   0.682    -.6756816    .4424071
       cyy39 |  -.1075175   .2844491    -0.38   0.706     -.666041    .4510059
       cyy40 |  -.0655394   .2867438    -0.23   0.819    -.6285686    .4974897
       cyy41 |  -.0825905   .2868548    -0.29   0.773    -.6458377    .4806567
       cyy42 |  -.0765358   .2868106    -0.27   0.790    -.6396961    .4866244
       cyy43 |  -.0539036   .2870004    -0.19   0.851    -.6174366    .5096294
       cyy44 |  -.0043875   .2878389    -0.02   0.988    -.5695669     .560792
      uncons |  -.4690027   .2758452    -1.70   0.090    -1.010632    .0726268
    lfirmage |  -.0185919   .0101468    -1.83   0.067    -.0385155    .0013317
      public |   .0661198   .0366967     1.80   0.072    -.0059353    .1381748
      uncons |  (dropped)
     ldegree |   .0192458   .0118573     1.62   0.105    -.0040363    .0425279
 ldegreemiss |   .0331784   .0754007     0.44   0.660    -.1148728    .1812297
         mba |   .0019077   .0016911     1.13   0.260    -.0014128    .0052282
     mbamiss |  -.0070618    .047194    -0.15   0.881    -.0997285     .085605
        lhrs |  -.0134987   .0090183    -1.50   0.135    -.0312063    .0042089
       _cons |   3.189879   .2883724    11.06   0.000     2.623652    3.756106
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                     (102 categories)

. 
. 
. *FN20 and Management on productivity growth rates
. areg ls lp le lm lp_f lp_g lp_un lp_us  le_f le_g le_un le_us  lm_f lm_g lm_un lm_us   cyy* if amanagement~=.,ab(code)

Linear regression, absorbing indicators                Number of obs =    5350
                                                       F( 55,  4586) =  690.97
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.9947
                                                       Adj R-squared =  0.9938
                                                       Root MSE      =  .11396

------------------------------------------------------------------------------
          ls |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
          lp |   .1908561   .0146876    12.99   0.000     .1620614    .2196508
          le |   .5267151     .01937    27.19   0.000     .4887405    .5646897
          lm |   .2235302    .009783    22.85   0.000     .2043508    .2427097
       lp_fr |  -.1150443    .031554    -3.65   0.000    -.1769053   -.0531833
       lp_gr |  -.1226977   .0421988    -2.91   0.004    -.2054277   -.0399678
   lp_uncons |  -.0036443   .0291495    -0.13   0.901    -.0607914    .0535028
       lp_us |  -.1877963   .0170497   -11.01   0.000    -.2212218   -.1543707
       le_fr |   .0047642   .0420273     0.11   0.910    -.0776297     .087158
       le_gr |   -.145751   .0682324    -2.14   0.033    -.2795194   -.0119827
   le_uncons |  -.1279985   .0402743    -3.18   0.001    -.2069554   -.0490415
       le_us |   .0672792    .022248     3.02   0.003     .0236624    .1108961
       lm_fr |   .1504268   .0262702     5.73   0.000     .0989247     .201929
       lm_gr |   .2349904   .0441391     5.32   0.000     .1484564    .3215243
       lm_un |    .066905   .0238067     2.81   0.005     .0202323    .1135776
       lm_us |   .1177562   .0116862    10.08   0.000     .0948456    .1406668
        cyy1 |  -.3714781   .0306971   -12.10   0.000    -.4316591    -.311297
        cyy2 |   -.327789   .0301261   -10.88   0.000    -.3868506   -.2687274
        cyy3 |  -.2704461    .029669    -9.12   0.000    -.3286115   -.2122806
        cyy4 |  -.2301933   .0294865    -7.81   0.000     -.288001   -.1723856
        cyy5 |  -.2578626    .029201    -8.83   0.000    -.3151106   -.2006146
        cyy6 |  -.2615139   .0290596    -9.00   0.000    -.3184847   -.2045431
        cyy7 |  -.2741536   .0290344    -9.44   0.000     -.331075   -.2172323
        cyy8 |  -.2573926   .0288689    -8.92   0.000    -.3139895   -.2007957
        cyy9 |  -.1792044   .0287446    -6.23   0.000    -.2355577   -.1228511
       cyy10 |  -.0941798   .0284947    -3.31   0.001    -.1500432   -.0383165
       cyy11 |  (dropped)
       cyy12 |  (dropped)
       cyy13 |   .0044845   .0268009     0.17   0.867    -.0480581    .0570272
       cyy14 |   .0161362   .0257002     0.63   0.530    -.0342485     .066521
       cyy15 |   .0430445   .0254799     1.69   0.091    -.0069085    .0929974
       cyy16 |   .0510308    .025191     2.03   0.043     .0016444    .1004172
       cyy17 |  -.0062694   .0246154    -0.25   0.799    -.0545275    .0419886
       cyy18 |  -.0280178    .024806    -1.13   0.259    -.0766495    .0206139
       cyy19 |   -.031866   .0249315    -1.28   0.201    -.0807437    .0170118
       cyy20 |   .0424686   .0249481     1.70   0.089    -.0064417    .0913789
       cyy21 |   .1377324   .0256466     5.37   0.000     .0874527    .1880121
       cyy22 |   .1747842   .0470968     3.71   0.000     .0824518    .2671167
       cyy23 |  -.0237863   .1613429    -0.15   0.883     -.340096    .2925233
       cyy24 |    .007505   .1612582     0.05   0.963    -.3086387    .3236486
       cyy25 |  (dropped)
       cyy26 |  -.0510707   .1590571    -0.32   0.748    -.3628993    .2607578
       cyy27 |   .0392316   .1494388     0.26   0.793    -.2537404    .3322036
       cyy28 |  -.0293345   .1266516    -0.23   0.817    -.2776326    .2189635
       cyy29 |  -.0567766   .1261784    -0.45   0.653     -.304147    .1905938
       cyy30 |  -.0844598   .1260525    -0.67   0.503    -.3315833    .1626637
       cyy31 |    .005834   .1263319     0.05   0.963    -.2418374    .2535055
       cyy32 |    .100976   .1274034     0.79   0.428     -.148796    .3507479
       cyy33 |   .1104069   .1591401     0.69   0.488    -.2015842    .4223981
       cyy34 |   -.259935   .0123298   -21.08   0.000    -.2841073   -.2357627
       cyy35 |  -.2129439   .0115632   -18.42   0.000    -.2356133   -.1902745
       cyy36 |  -.1807407   .0112604   -16.05   0.000    -.2028165   -.1586648
       cyy37 |  -.1531918   .0109283   -14.02   0.000    -.1746165    -.131767
       cyy38 |  -.1427119   .0107403   -13.29   0.000    -.1637681   -.1216557
       cyy39 |  -.1202253   .0105181   -11.43   0.000    -.1408459   -.0996047
       cyy40 |  -.0803187   .0103498    -7.76   0.000    -.1006094    -.060028
       cyy41 |  -.0958398   .0102527    -9.35   0.000    -.1159401   -.0757395
       cyy42 |  -.0905703   .0103095    -8.79   0.000     -.110782   -.0703586
       cyy43 |  -.0613121   .0102082    -6.01   0.000     -.081325   -.0412992
       cyy44 |  (dropped)
       _cons |   3.983797    .062252    63.99   0.000     3.861753    4.105841
-------------+----------------------------------------------------------------
        code |      F(708, 4586) =     26.388   0.000         (709 categories)

. predict tfp,res
(917 missing values generated)

. so code year

. by code:gen dtfp=(tfp-tfp[_n-1])
(1719 missing values generated)

. ge lprod=ls-le

. 
. by code:gen dlprod=(lprod-lprod[_n-1])
(732 missing values generated)

. by code:gen dlprod1=dlprod[_n-1]
(1459 missing values generated)

. by code:gen dlprod2=dlprod[_n-2]
(2178 missing values generated)

. by code:gen dlprod3=dlprod[_n-3]
(2871 missing values generated)

. 
. ge avdlprod1=(dlprod1+dlprod2+dlprod3)/3 
(2871 missing values generated)

. replace avdlprod1=(dlprod1+dlprod2)/2 if dlprod3==.
(693 real changes made)

. replace avdlprod1=(dlprod2+dlprod3)/2 if dlprod1==.
(0 real changes made)

. replace avdlprod1=(dlprod1+dlprod3)/2 if dlprod2==.
(0 real changes made)

. replace avdlprod1=dlprod1 if dlprod2==.&dlprod3==.
(719 real changes made)

. replace avdlprod1=dlprod2 if dlprod1==.&dlprod3==.
(0 real changes made)

. replace avdlprod1=dlprod3 if dlprod1==.&dlprod2==.
(0 real changes made)

. 
. areg zmanagement dlprod1 lempm lfirmage public ldegree* mba* uncons ccfr ccge ccuk  reli sen1 day2 day3 day4 day5 timelocal tenurepost countries gender  d
> uration reli aa* cc* $extras   if (code~=code[_n+1]),ab(sic3) 

Linear regression, absorbing indicators                Number of obs =     719
                                                       F( 38, 575)   =       .
                                                       Prob > F      =
                                                       R-squared     =  0.4314
                                                       Adj R-squared =  0.2900
                                                       Root MSE      =  .57654

------------------------------------------------------------------------------
 zmanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
     dlprod1 |   .1078121   .1501925     0.72   0.473    -.1871808     .402805
       lempm |   .1032087   .0233486     4.42   0.000     .0573498    .1490676
    lfirmage |  -.0385017   .0300932    -1.28   0.201    -.0976078    .0206043
      public |  -.0705486   .0894246    -0.79   0.430    -.2461874    .1050901
     ldegree |   .0607415   .0402021     1.51   0.131    -.0182193    .1397022
 ldegreemiss |  (dropped)
         mba |    .017402   .0091319     1.91   0.057     -.000534    .0353381
     mbamiss |   -.074039   .1584316    -0.47   0.640    -.3852142    .2371362
      uncons |   .1612957    .097877     1.65   0.100    -.0309444    .3535358
    ccfrance |  -.4362971   .3505342    -1.24   0.214    -1.124781    .2521866
   ccgermany |  (dropped)
        ccuk |  (dropped)
        reli |   .3114422   .0334268     9.32   0.000     .2457887    .3770956
        sen1 |   .0716891   .0264557     2.71   0.007     .0197276    .1236506
        day2 |   .0547718   .0842762     0.65   0.516    -.1107548    .2202985
        day3 |   .0810486   .0780977     1.04   0.300     -.072343    .2344402
        day4 |   .1761244   .0821574     2.14   0.032     .0147591    .3374897
        day5 |   .0585324   .0846411     0.69   0.490    -.1077111    .2247759
   timelocal |   -.020766   .0098407    -2.11   0.035    -.0400941   -.0014379
  tenurepost |  -.0064246   .0057024    -1.13   0.260    -.0176247    .0047754
   countries |   .0792381   .0398489     1.99   0.047      .000971    .1575052
      gender |   .2599407   .1840042     1.41   0.158    -.1014618    .6213431
    duration |   .0062879    .002548     2.47   0.014     .0012834    .0112923
        reli |  (dropped)
         aa1 |   1.047563   .6022213     1.74   0.082    -.1352585    2.230385
         aa2 |   .8286338   .5027811     1.65   0.100    -.1588778    1.816145
         aa3 |   1.367806   .6147567     2.22   0.026      .160363    2.575248
         aa4 |  (dropped)
         aa5 |   -.247532   .5394965    -0.46   0.647    -1.307156    .8120922
         aa6 |   1.230191   .5425526     2.27   0.024     .1645649    2.295818
         aa7 |   1.005232    .522195     1.93   0.055    -.0204102    2.030874
         aa8 |   .8719051   .4434077     1.97   0.050     .0010089    1.742801
         aa9 |   .6816532   .4386384     1.55   0.121    -.1798756    1.543182
        aa10 |   1.195727   .4623928     2.59   0.010     .2875423    2.103912
        aa11 |   .8577455   .4426882     1.94   0.053    -.0117376    1.727229
        aa12 |   1.164033   .4638416     2.51   0.012     .2530029    2.075064
        aa13 |   1.301181    .529874     2.46   0.014     .2604565    2.341906
        aa14 |   1.081295   .4426566     2.44   0.015     .2118739    1.950716
        aa15 |   1.089482   .4378584     2.49   0.013     .2294851    1.949479
        aa16 |   1.176392   .5661048     2.08   0.038     .0645071    2.288278
    cceurope |    .025897   .1715774     0.15   0.880    -.3110979    .3628919
    ccfrance |  (dropped)
   ccgermany |  (dropped)
        ccuk |  (dropped)
        ccus |     .28458   .0985485     2.89   0.004      .091021     .478139
      uncons |  (dropped)
    lfirmage |  (dropped)
      public |  (dropped)
      uncons |  (dropped)
     ldegree |  (dropped)
 ldegreemiss |   .3150226   .2375671     1.33   0.185    -.1515826    .7816278
         mba |  (dropped)
     mbamiss |  (dropped)
        lhrs |   .0311294   .0245014     1.27   0.204    -.0169936    .0792525
       _cons |  -3.581196   .5524647    -6.48   0.000    -4.666291   -2.496101
-------------+----------------------------------------------------------------
        sic3 |       F(104, 575) =      1.349   0.018         (105 categories)

. areg zmanagement avdlprod1 lempm lfirmage public ldegree* mba* uncons ccfr ccge ccuk  reli sen1 day2 day3 day4 day5 timelocal tenurepost countries gender 
>  duration reli aa* cc* $extras   if (code~=code[_n+1]),ab(sic3) 

Linear regression, absorbing indicators                Number of obs =     719
                                                       F( 37, 575)   =       .
                                                       Prob > F      =
                                                       R-squared     =  0.4311
                                                       Adj R-squared =  0.2896
                                                       Root MSE      =  .57618

------------------------------------------------------------------------------
 zmanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
   avdlprod1 |   .0920233   .1967854     0.47   0.640    -.2944825    .4785291
       lempm |   .1033085   .0233845     4.42   0.000      .057379     .149238
    lfirmage |  -.0377055   .0300901    -1.25   0.211    -.0968055    .0213944
      public |  -.0673681   .0892601    -0.75   0.451    -.2426837    .1079476
     ldegree |   .0612996   .0402729     1.52   0.129    -.0178004    .1403996
 ldegreemiss |  (dropped)
         mba |   .0178888   .0091121     1.96   0.050    -8.37e-06    .0357859
     mbamiss |  -.0677642    .158494    -0.43   0.669    -.3790621    .2435337
      uncons |   .1602663   .0981109     1.63   0.103    -.0324332    .3529657
    ccfrance |  (dropped)
   ccgermany |  (dropped)
        ccuk |  (dropped)
        reli |   .3114254   .0334451     9.31   0.000      .245736    .3771149
        sen1 |   .0732099   .0263868     2.77   0.006     .0213836    .1250362
        day2 |   .0542226   .0843468     0.64   0.521    -.1114428     .219888
        day3 |   .0798689   .0781062     1.02   0.307    -.0735394    .2332772
        day4 |   .1750276   .0821614     2.13   0.034     .0136544    .3364007
        day5 |   .0561255    .084636     0.66   0.508    -.1101078    .2223589
   timelocal |  -.0210534     .00983    -2.14   0.033    -.0403605   -.0017464
  tenurepost |  -.0064718    .005711    -1.13   0.258    -.0176889    .0047452
   countries |   .0802992   .0398699     2.01   0.044     .0019907    .1586076
      gender |   .2529518   .1839965     1.37   0.170    -.1084353     .614339
    duration |   .0063263   .0025486     2.48   0.013     .0013206     .011332
        reli |  (dropped)
         aa1 |    1.04404   .6024834     1.73   0.084    -.1392968    2.227377
         aa2 |   .8283234   .5035311     1.65   0.101    -.1606612    1.817308
         aa3 |   1.366968    .614953     2.22   0.027     .1591401    2.574796
         aa4 |  (dropped)
         aa5 |  -.2367048   .5393362    -0.44   0.661    -1.296014    .8226044
         aa6 |   1.234423   .5426644     2.27   0.023     .1685772    2.300269
         aa7 |   .9964591   .5234936     1.90   0.057    -.0317337    2.024652
         aa8 |   .8754986   .4436259     1.97   0.049     .0041737    1.746823
         aa9 |   .6871121   .4386473     1.57   0.118    -.1744344    1.548658
        aa10 |   1.197411   .4625187     2.59   0.010     .2889791    2.105844
        aa11 |   .8608054   .4427966     1.94   0.052    -.0088907    1.730501
        aa12 |    1.16035   .4642261     2.50   0.013     .2485647    2.072136
        aa13 |   1.307251   .5298939     2.47   0.014     .2664873    2.348014
        aa14 |   1.085192    .442769     2.45   0.015     .2155506    1.954834
        aa15 |   1.091849   .4380688     2.49   0.013     .2314384    1.952259
        aa16 |   1.167865   .5664832     2.06   0.040     .0552369    2.280494
    cceurope |   .0339314   .1719212     0.20   0.844    -.3037387    .3716015
    ccfrance |  -.4380044    .350708    -1.25   0.212    -1.126829    .2508205
   ccgermany |  (dropped)
        ccuk |  (dropped)
        ccus |   .2790286   .0980485     2.85   0.005     .0864517    .4716054
      uncons |  (dropped)
    lfirmage |  (dropped)
      public |  (dropped)
      uncons |  (dropped)
     ldegree |  (dropped)
 ldegreemiss |   .3182976   .2376611     1.34   0.181    -.1484921    .7850873
         mba |  (dropped)
     mbamiss |  (dropped)
        lhrs |    .032496   .0244582     1.33   0.184    -.0155424    .0805344
       _cons |  -3.592768   .5524188    -6.50   0.000    -4.677773   -2.507763
-------------+----------------------------------------------------------------
        sic3 |       F(104, 575) =      1.356   0.017         (105 categories)

. 
. 
. areg zmanagement dlprod2 lempm lfirmage public ldegree* mba* uncons ccfr ccge ccuk  reli sen1 day2 day3 day4 day5 timelocal tenurepost countries gender  d
> uration reli aa* cc* $extras   if (code~=code[_n+1]),ab(sic3) 

Linear regression, absorbing indicators                Number of obs =     693
                                                       F( 39,   550) =    5.71
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.4378
                                                       Adj R-squared =  0.2927
                                                       Root MSE      =  .57674

------------------------------------------------------------------------------
 zmanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
     dlprod2 |  -.0615683   .1420202    -0.43   0.665    -.3405367       .2174
       lempm |   .1005017   .0237519     4.23   0.000     .0538461    .1471573
    lfirmage |  -.0400726   .0310336    -1.29   0.197    -.1010315    .0208864
      public |  -.0668848   .0920482    -0.73   0.468    -.2476939    .1139243
     ldegree |   .0646055   .0410655     1.57   0.116    -.0160589      .14527
 ldegreemiss |   .3383796   .2399929     1.41   0.159    -.1330352    .8097943
         mba |   .0171001   .0091532     1.87   0.062    -.0008794    .0350796
     mbamiss |  -.0671295   .1587866    -0.42   0.673    -.3790319    .2447729
      uncons |   .1135613   .1029812     1.10   0.271    -.0887233    .3158459
    ccfrance |  -.3818331   .3366337    -1.13   0.257    -1.043078    .2794119
   ccgermany |   -.001955   .1768185    -0.01   0.991    -.3492773    .3453673
        ccuk |  (dropped)
        reli |   .3302222    .034715     9.51   0.000     .2620321    .3984123
        sen1 |   .0685685   .0270927     2.53   0.012     .0153507    .1217863
        day2 |    .054298   .0867537     0.63   0.532    -.1161111    .2247071
        day3 |   .0799297   .0799636     1.00   0.318    -.0771418    .2370012
        day4 |   .1661714   .0838318     1.98   0.048     .0015017    .3308411
        day5 |   .0366969   .0861905     0.43   0.670    -.1326059    .2059997
   timelocal |  -.0168104   .0101254    -1.66   0.097    -.0366996    .0030789
  tenurepost |  -.0068032   .0060271    -1.13   0.259    -.0186421    .0050358
   countries |   .0747054   .0408971     1.83   0.068    -.0056281     .155039
      gender |   .2599213   .1843211     1.41   0.159     -.102138    .6219807
    duration |   .0051308   .0026139     1.96   0.050    -3.52e-06    .0102652
        reli |  (dropped)
         aa1 |   .9371718   .6513074     1.44   0.151    -.3421825    2.216526
         aa2 |   .8278723   .5044521     1.64   0.101    -.1630162    1.818761
         aa3 |   1.356441   .6164974     2.20   0.028     .1454629    2.567418
         aa4 |  (dropped)
         aa5 |  -.2101071   .5399633    -0.39   0.697     -1.27075    .8505355
         aa6 |   1.240422   .5453076     2.27   0.023     .1692819    2.311563
         aa7 |   1.026163    .525533     1.95   0.051    -.0061346     2.05846
         aa8 |   .8854403   .4461804     1.98   0.048     .0090141    1.761867
         aa9 |   .6847675     .44096     1.55   0.121    -.1814043    1.550939
        aa10 |    1.24417   .4669743     2.66   0.008     .3268982    2.161441
        aa11 |   .8754273   .4456157     1.96   0.050     .0001103    1.750744
        aa12 |   1.165116   .4669151     2.50   0.013     .2479609    2.082271
        aa13 |   1.328948   .5322994     2.50   0.013     .2833598    2.374537
        aa14 |   1.085616   .4464358     2.43   0.015     .2086885    1.962544
        aa15 |   1.104282   .4403484     2.51   0.012     .2393111    1.969252
        aa16 |   1.223063   .5704837     2.14   0.032     .1024698    2.343657
    cceurope |  (dropped)
    ccfrance |  (dropped)
   ccgermany |  (dropped)
        ccuk |  (dropped)
        ccus |   .2772002   .1007575     2.75   0.006     .0792836    .4751168
      uncons |  (dropped)
    lfirmage |  (dropped)
      public |  (dropped)
      uncons |  (dropped)
     ldegree |  (dropped)
 ldegreemiss |  (dropped)
         mba |  (dropped)
     mbamiss |  (dropped)
        lhrs |   .0356166   .0246857     1.44   0.150    -.0128732    .0841064
       _cons |  -3.634255   .5615757    -6.47   0.000     -4.73735   -2.531159
-------------+----------------------------------------------------------------
        sic3 |       F(103, 550) =      1.384   0.012         (104 categories)

. areg zmanagement dlprod3 lempm lfirmage public ldegree* mba* uncons ccfr ccge ccuk  reli sen1 day2 day3 day4 day5 timelocal tenurepost countries gender  d
> uration reli aa* cc* $extras   if (code~=code[_n+1]),ab(sic3) 

Linear regression, absorbing indicators                Number of obs =     654
                                                       F( 37, 512)   =       .
                                                       Prob > F      =
                                                       R-squared     =  0.4578
                                                       Adj R-squared =  0.3085
                                                       Root MSE      =  .56422

------------------------------------------------------------------------------
 zmanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
     dlprod3 |   .0440084   .0839229     0.52   0.600    -.1208672     .208884
       lempm |   .1076782    .024453     4.40   0.000     .0596377    .1557187
    lfirmage |  -.0638055   .0330521    -1.93   0.054    -.1287399    .0011289
      public |  -.0852111   .0945728    -0.90   0.368    -.2710096    .1005874
     ldegree |   .0650492   .0422532     1.54   0.124    -.0179618    .1480602
 ldegreemiss |  (dropped)
         mba |   .0189391   .0091205     2.08   0.038     .0010208    .0368574
     mbamiss |  -.0355346   .1602322    -0.22   0.825     -.350328    .2792588
      uncons |   .1446206   .1090055     1.33   0.185    -.0695324    .3587736
    ccfrance |  (dropped)
   ccgermany |   .0523808   .1766062     0.30   0.767    -.2945812    .3993429
        ccuk |  (dropped)
        reli |   .3233627   .0355125     9.11   0.000     .2535945    .3931309
        sen1 |   .0731009   .0271692     2.69   0.007     .0197241    .1264778
        day2 |   .0489357   .0890411     0.55   0.583    -.1259951    .2238666
        day3 |   .0865783   .0811995     1.07   0.287    -.0729468    .2461035
        day4 |   .1865514   .0858764     2.17   0.030      .017838    .3552649
        day5 |   .0695719   .0885735     0.79   0.433    -.1044402    .2435841
   timelocal |  -.0196832   .0103281    -1.91   0.057     -.039974    .0006075
  tenurepost |  -.0052764   .0060941    -0.87   0.387    -.0172489    .0066961
   countries |   .0672144   .0411472     1.63   0.103    -.0136238    .1480526
      gender |   .2522302   .1810162     1.39   0.164    -.1033957    .6078562
    duration |   .0045182   .0027066     1.67   0.096    -.0007991    .0098356
        reli |  (dropped)
         aa1 |   .9755387   .6419255     1.52   0.129    -.2855933    2.236671
         aa2 |   .8502435   .4961419     1.71   0.087     -.124481    1.824968
         aa3 |   1.346887   .6072226     2.22   0.027     .1539323    2.539841
         aa4 |  (dropped)
         aa5 |  -.2155269   .5300119    -0.41   0.684    -1.256792    .8257387
         aa6 |   1.191475   .5376719     2.22   0.027       .13516    2.247789
         aa7 |   1.033921   .5197446     1.99   0.047     .0128268    2.055016
         aa8 |    .941315   .4400263     2.14   0.033     .0768358    1.805794
         aa9 |   .7087985   .4342424     1.63   0.103    -.1443178    1.561915
        aa10 |   1.240486   .4599662     2.70   0.007     .3368331     2.14414
        aa11 |   .8857585   .4393747     2.02   0.044     .0225594    1.748958
        aa12 |   1.219953   .4602318     2.65   0.008     .3157774    2.124128
        aa13 |   1.346435   .5232754     2.57   0.010     .3184039    2.374466
        aa14 |   1.095521   .4394865     2.49   0.013      .232102     1.95894
        aa15 |   1.144362   .4335606     2.64   0.009     .2925853    1.996139
        aa16 |   1.223882   .5615667     2.18   0.030      .120624    2.327141
    cceurope |  (dropped)
    ccfrance |  -.3676482   .3345538    -1.10   0.272    -1.024915    .2896188
   ccgermany |  (dropped)
        ccuk |  (dropped)
        ccus |    .296369   .1017904     2.91   0.004     .0963908    .4963472
      uncons |  (dropped)
    lfirmage |  (dropped)
      public |  (dropped)
      uncons |  (dropped)
     ldegree |  (dropped)
 ldegreemiss |   .2976276   .2464925     1.21   0.228    -.1866336    .7818888
         mba |  (dropped)
     mbamiss |  (dropped)
        lhrs |   .0264239   .0248948     1.06   0.289    -.0224846    .0753325
       _cons |  -3.537033   .5642495    -6.27   0.000    -4.645562   -2.428503
-------------+----------------------------------------------------------------
        sic3 |       F(102, 512) =      1.397   0.011         (103 categories)

. 
. areg dtfp amanagement reli sen1 day2 day3 day4 day5 timelocal tenurepost countries gender  duration reli aa* cc* $extras   if year==2003,ab(sic3) 

Linear regression, absorbing indicators                Number of obs =     583
                                                       F( 38,   445) =    0.94
                                                       Prob > F      =  0.5677
                                                       R-squared     =  0.2704
                                                       Adj R-squared =  0.0457
                                                       Root MSE      =  .10018

------------------------------------------------------------------------------
        dtfp |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
 amanagement |   .0067208   .0072864     0.92   0.357    -.0075992    .0210408
        reli |  -.0035513   .0074113    -0.48   0.632    -.0181168    .0110142
        sen1 |   .0132721   .0051427     2.58   0.010     .0031652    .0233791
        day2 |  -.0007035   .0166622    -0.04   0.966    -.0334498    .0320428
        day3 |   .0185353   .0156013     1.19   0.235    -.0121261    .0491966
        day4 |   .0050569   .0163526     0.31   0.757    -.0270811    .0371949
        day5 |   -.017251   .0167142    -1.03   0.303    -.0500995    .0155976
   timelocal |  -.0011821   .0020548    -0.58   0.565    -.0052205    .0028562
  tenurepost |   -.000248   .0011631    -0.21   0.831    -.0025339    .0020379
   countries |  -.0047192   .0081228    -0.58   0.562     -.020683    .0112446
      gender |   .0049482   .0375687     0.13   0.895     -.068886    .0787823
    duration |   -.000293   .0005284    -0.55   0.580    -.0013314    .0007454
        reli |  (dropped)
         aa1 |  (dropped)
         aa2 |  -.1398334   .0978117    -1.43   0.154    -.3320636    .0523968
         aa3 |  -.0589067   .0743866    -0.79   0.429    -.2050994    .0872859
         aa4 |  -.1609977   .1105949    -1.46   0.146    -.3783508    .0563555
         aa5 |  -.1577356   .1045639    -1.51   0.132    -.3632359    .0477647
         aa6 |  -.0726708   .0584016    -1.24   0.214     -.187448    .0421064
         aa7 |   -.174587   .1007822    -1.73   0.084    -.3726551    .0234812
         aa8 |    -.15326    .083766    -1.83   0.068    -.3178862    .0113661
         aa9 |  -.1289481    .082693    -1.56   0.120    -.2914653    .0335692
        aa10 |  -.0972993   .0855909    -1.14   0.256    -.2655119    .0709133
        aa11 |  -.1581961   .0837454    -1.89   0.060    -.3227817    .0063894
        aa12 |  -.1437573    .086891    -1.65   0.099     -.314525    .0270105
        aa13 |  -.0937962   .0599408    -1.56   0.118    -.2115985    .0240061
        aa14 |  -.1581339   .0836551    -1.89   0.059    -.3225421    .0062743
        aa15 |  -.1477064   .0836364    -1.77   0.078    -.3120777    .0166649
        aa16 |  -.2639689   .1045305    -2.53   0.012    -.4694037   -.0585341
    cceurope |  -.0520827   .0595411    -0.87   0.382    -.1690994     .064934
    ccfrance |  (dropped)
   ccgermany |   .0520672   .0631429     0.82   0.410     -.072028    .1761625
        ccuk |   .0143993   .0191811     0.75   0.453    -.0232975    .0520961
        ccus |  (dropped)
      uncons |   .0137312   .0221542     0.62   0.536    -.0298086    .0572711
    lfirmage |  -.0014137   .0059745    -0.24   0.813    -.0131555     .010328
      public |   .0015251   .0184617     0.08   0.934    -.0347578    .0378079
      uncons |  (dropped)
     ldegree |   .0081748   .0082837     0.99   0.324    -.0081053    .0244549
 ldegreemiss |   .0136109    .048271     0.28   0.778    -.0812565    .1084783
         mba |   .0032219   .0016649     1.94   0.054    -.0000502     .006494
     mbamiss |   .0163891   .0322808     0.51   0.612    -.0470527    .0798309
        lhrs |  -.0003079   .0047927    -0.06   0.949    -.0097271    .0091113
       _cons |   .0968289   .0982383     0.99   0.325    -.0962398    .2898975
-------------+----------------------------------------------------------------
        sic3 |        F(99, 445) =      1.264   0.060         (100 categories)

. areg dtfp amanagement reli sen1 day2 day3 day4 day5 timelocal tenurepost countries gender  duration reli aa* cc* $extras   if year>=2001,ab(sic3) 

Linear regression, absorbing indicators                Number of obs =    2074
                                                       F( 38,  1934) =    0.75
                                                       Prob > F      =  0.8714
                                                       R-squared     =  0.0533
                                                       Adj R-squared = -0.0147
                                                       Root MSE      =  .11934

------------------------------------------------------------------------------
        dtfp |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
 amanagement |   -.002299   .0046339    -0.50   0.620     -.011387     .006789
        reli |  -.0014296   .0045202    -0.32   0.752    -.0102946    .0074354
        sen1 |    .005169   .0032023     1.61   0.107    -.0011113    .0114493
        day2 |  -.0032182   .0104061    -0.31   0.757    -.0236265    .0171901
        day3 |  -.0007349   .0098356    -0.07   0.940    -.0200244    .0185546
        day4 |  -.0082426   .0103794    -0.79   0.427    -.0285986    .0121134
        day5 |   -.017266   .0106516    -1.62   0.105    -.0381557    .0036238
   timelocal |  -.0026288   .0012564    -2.09   0.037    -.0050928   -.0001648
  tenurepost |  -.0008115   .0007223    -1.12   0.261    -.0022281    .0006051
   countries |   .0023568   .0048993     0.48   0.631    -.0072516    .0119652
      gender |   .0120221    .022855     0.53   0.599     -.032801    .0568451
    duration |   .0001532   .0003272     0.47   0.640    -.0004885    .0007949
        reli |  (dropped)
         aa1 |   .0646298   .0734893     0.88   0.379    -.0794968    .2087565
         aa2 |   .0843103    .060926     1.38   0.167    -.0351772    .2037978
         aa3 |   .0406037   .0719818     0.56   0.573    -.1005664    .1817737
         aa4 |  (dropped)
         aa5 |   .0473864   .0645001     0.73   0.463    -.0791107    .1738834
         aa6 |   .0771225    .063412     1.22   0.224    -.0472407    .2014856
         aa7 |   .0486367   .0633487     0.77   0.443    -.0756023    .1728757
         aa8 |   .0524838   .0531251     0.99   0.323    -.0517047    .1566724
         aa9 |   .0459156   .0527387     0.87   0.384    -.0575152    .1493463
        aa10 |   .0642929   .0557916     1.15   0.249    -.0451252     .173711
        aa11 |   .0448812   .0532867     0.84   0.400    -.0596242    .1493866
        aa12 |    .045423   .0560078     0.81   0.417     -.064419     .155265
        aa13 |   .0539401   .0614655     0.88   0.380    -.0666054    .1744857
        aa14 |   .0304494   .0533784     0.57   0.568    -.0742358    .1351346
        aa15 |   .0499197    .052642     0.95   0.343    -.0533213    .1531606
        aa16 |   .0116066   .0651711     0.18   0.859    -.1162063    .1394195
    cceurope |  -.0267511   .0367335    -0.73   0.467    -.0987926    .0452903
    ccfrance |  (dropped)
   ccgermany |   .0219909   .0383935     0.57   0.567     -.053306    .0972879
        ccuk |  (dropped)
        ccus |  -.0058065   .0122083    -0.48   0.634    -.0297494    .0181363
      uncons |   .0194609   .0138241     1.41   0.159    -.0076509    .0465726
    lfirmage |  -.0034462   .0037701    -0.91   0.361      -.01084    .0039477
      public |   .0151413   .0118279     1.28   0.201    -.0080554    .0383381
      uncons |  (dropped)
     ldegree |  -.0037121   .0051211    -0.72   0.469    -.0137555    .0063313
 ldegreemiss |   .0015421   .0297467     0.05   0.959    -.0567968     .059881
         mba |   .0002472   .0010245     0.24   0.809     -.001762    .0022564
     mbamiss |  -.0180248   .0195401    -0.92   0.356    -.0563466    .0202969
        lhrs |  -.0009798   .0030676    -0.32   0.749     -.006996    .0050364
       _cons |  -.0000261   .0651876    -0.00   1.000    -.1278714    .1278192
-------------+----------------------------------------------------------------
        sic3 |      F(101, 1934) =      0.849   0.856         (102 categories)

. 
. *Text - Variation of management across country, industry and both
. u realdata,clear

. so code year

. reg amanagement cc* if code!=code[_n-1]

      Source |       SS       df       MS              Number of obs =     732
-------------+------------------------------           F(  3,   728) =    5.66
       Model |   9.4870323     3   3.1623441           Prob > F      =  0.0008
    Residual |  406.605178   728  .558523596           R-squared     =  0.0228
-------------+------------------------------           Adj R-squared =  0.0188
       Total |   416.09221   731   .56920959           Root MSE      =  .74734

------------------------------------------------------------------------------
 amanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
    cceurope |   .2313882   .0853177     2.71   0.007     .0638901    .3988863
    ccfrance |  -.1571323   .0878493    -1.79   0.074    -.3296004    .0153358
   ccgermany |  (dropped)
        ccuk |  (dropped)
        ccus |    .276719   .0749985     3.69   0.000     .1294799    .4239582
       _cons |   3.040682    .060818    50.00   0.000     2.921282    3.160082
------------------------------------------------------------------------------

. gen sic3c=sic3

. replace sic3c=sic3*10 if cty=="uk"
(1251 real changes made)

. replace sic3c=sic3*100 if cty=="fr"
(998 real changes made)

. replace sic3c=sic3*1000 if cty=="gr"
(1098 real changes made)

. areg amanagement if code!=code[_n-1],ab(sic3c)

Linear regression, absorbing indicators                Number of obs =     732
                                                       F( 0, 471)    =       .
                                                       Prob > F      =
                                                       R-squared     =  0.4153
                                                       Adj R-squared =  0.0925
                                                       Root MSE      =  .71873

------------------------------------------------------------------------------
 amanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
       _cons |   3.213318   .0265651   120.96   0.000     3.161117    3.265519
-------------+----------------------------------------------------------------
       sic3c |       F(260, 471) =      1.286   0.010         (261 categories)

. 
. *FN27
. areg hoursm lindiopen9599 lempm lfirmage public ldegree* mba* uncons ccfr ccge ccuk  $noise  if code~=code[_n+1],ab(sic3)rob cluster(oecdind_cty)

Linear regression, absorbing indicators                Number of obs =     559
                                                       F( 33,    86) =   44.46
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.5064
                                                       Adj R-squared =  0.3519
                                                       Root MSE      =  5.5259

                           (Std. Err. adjusted for 87 clusters in oecdind_cty)
------------------------------------------------------------------------------
             |               Robust
      hoursm |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
lindiop~9599 |   .8891744    .836239     1.06   0.291    -.7732138    2.551563
       lempm |   .1117614   .3085879     0.36   0.718    -.5016909    .7252138
    lfirmage |  -.5363961   .3556938    -1.51   0.135    -1.243492    .1706998
      public |   1.188489   1.010248     1.18   0.243    -.8198188    3.196796
     ldegree |   .0636224   .4963362     0.13   0.898    -.9230612    1.050306
 ldegreemiss |   1.041428   2.938684     0.35   0.724    -4.800483    6.883339
         mba |   .0435535   .1051277     0.41   0.680    -.1654335    .2525404
     mbamiss |  -.2563416   2.007054    -0.13   0.899    -4.246234    3.733551
      uncons |   .3481577   .9653656     0.36   0.719    -1.570926    2.267241
    ccfrance |  -7.472613   1.526994    -4.89   0.000    -10.50818   -4.437049
   ccgermany |  -4.177755    2.16679    -1.93   0.057     -8.48519    .1296809
        ccuk |  -3.976744   1.111452    -3.58   0.001    -6.186237    -1.76725
      gender |  -1.709012   3.004162    -0.57   0.571    -7.681089    4.263066
        sen1 |   .1926282   .2809146     0.69   0.495    -.3658115    .7510679
  tenurepost |  -.0423625   .0532443    -0.80   0.428    -.1482086    .0634836
   countries |   1.432905   .7577975     1.89   0.062    -.0735465    2.939356
        day2 |   .2168959   .7350096     0.30   0.769    -1.244255    1.678047
        day3 |  -.1851813   .7779228    -0.24   0.812    -1.731641    1.361278
        day4 |   .0766104   .9755906     0.08   0.938      -1.8628     2.01602
        day5 |  -.6624251   .9503177    -0.70   0.488    -2.551594    1.226744
   timelocal |  -.1138443   .1099756    -1.04   0.303    -.3324686    .1047799
    duration |  -.0282702   .0435103    -0.65   0.518    -.1147659    .0582255
        reli |   .3216339   .3747935     0.86   0.393     -.423431    1.066699
         aa1 |  (dropped)
         aa2 |  (dropped)
         aa3 |  (dropped)
         aa4 |  (dropped)
         aa5 |  (dropped)
         aa6 |    .487943   3.177192     0.15   0.878    -5.828105    6.803991
         aa7 |   4.712028   4.034062     1.17   0.246    -3.307421    12.73148
         aa8 |   7.129059   2.820354     2.53   0.013      1.52238    12.73574
         aa9 |   4.289523   2.760027     1.55   0.124    -1.197228    9.776275
        aa10 |   8.901162   3.615868     2.46   0.016     1.713054    16.08927
        aa11 |  -.2719117   2.951441    -0.09   0.927    -6.139182    5.595359
        aa12 |   9.155946   3.800075     2.41   0.018     1.601647    16.71024
        aa13 |   5.374418   2.939045     1.83   0.071    -.4682112    11.21705
        aa14 |   5.745212   2.731693     2.10   0.038     .3147863    11.17564
        aa15 |   8.233916   2.974974     2.77   0.007     2.319863    14.14797
        aa16 |  (dropped)
       _cons |   42.97759   5.376669     7.99   0.000     32.28912    53.66605
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                     (101 categories)

. areg hoursm lerner lempm lfirmage public ldegree* mba* uncons ccfr ccge ccuk  $noise  if code~=code[_n+1],ab(sic3)rob cluster(csic)

Linear regression, absorbing indicators                Number of obs =     553
                                                       F( 33,   230) =   21.51
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.5045
                                                       Adj R-squared =  0.3533
                                                       Root MSE      =  5.5194

                                (Std. Err. adjusted for 231 clusters in csic3)
------------------------------------------------------------------------------
             |               Robust
      hoursm |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
      lerner |  -2.903008   6.274414    -0.46   0.644    -15.26568    9.459668
       lempm |   .1133711   .2997069     0.38   0.706     -.477151    .7038932
    lfirmage |  -.5197308   .3955992    -1.31   0.190    -1.299192    .2597308
      public |   1.095993   1.078092     1.02   0.310    -1.028207    3.220193
     ldegree |   .1410313   .4616613     0.31   0.760    -.7685947    1.050657
 ldegreemiss |   1.383069     2.8782     0.48   0.631    -4.287941    7.054079
         mba |   .0325514   .1021783     0.32   0.750    -.1687737    .2338765
     mbamiss |  -.3400693   2.023154    -0.17   0.867    -4.326354    3.646215
      uncons |   .3818073   .9899235     0.39   0.700     -1.56867    2.332285
    ccfrance |  -6.937569   1.429326    -4.85   0.000    -9.753816   -4.121321
   ccgermany |   -4.01784   1.891665    -2.12   0.035    -7.745047   -.2906331
        ccuk |  -3.331427   1.102807    -3.02   0.003    -5.504323   -1.158531
      gender |  -1.755014   2.947882    -0.60   0.552     -7.56332    4.053291
        sen1 |   .2337813   .2876911     0.81   0.417    -.3330656    .8006282
  tenurepost |  -.0415901    .058192    -0.71   0.476    -.1562476    .0730673
   countries |   1.405799    .822152     1.71   0.089    -.2141129    3.025711
        day2 |   .0815894      .9135     0.09   0.929    -1.718309    1.881487
        day3 |  -.2212565    .762176    -0.29   0.772    -1.722996    1.280483
        day4 |   .1118185   .8900155     0.13   0.900    -1.641807    1.865444
        day5 |  -.6332804   1.001778    -0.63   0.528    -2.607116    1.340555
   timelocal |  -.1223809   .1183845    -1.03   0.302    -.3556376    .1108758
    duration |  -.0244729   .0352833    -0.69   0.489    -.0939928     .045047
        reli |   .3223867   .3709673     0.87   0.386     -.408542    1.053315
         aa1 |  (dropped)
         aa2 |  (dropped)
         aa3 |  (dropped)
         aa4 |  (dropped)
         aa5 |  (dropped)
         aa6 |  -4.901854   .9253295    -5.30   0.000     -6.72506   -3.078648
         aa7 |  -.6766172    2.43266    -0.28   0.781    -5.469764     4.11653
         aa8 |   1.789976   1.377376     1.30   0.195    -.9239121    4.503865
         aa9 |  -1.077162    1.00179    -1.08   0.283     -3.05102    .8966955
        aa10 |   3.560082   1.712922     2.08   0.039     .1850571    6.935106
        aa11 |  -5.260116   1.524275    -3.45   0.001    -8.263443   -2.256789
        aa12 |   3.935701    2.02634     1.94   0.053    -.0568597    7.928263
        aa13 |  (dropped)
        aa14 |   .4240802   1.301253     0.33   0.745    -2.139819     2.98798
        aa15 |   2.823774   1.496482     1.89   0.060    -.1247924    5.772341
        aa16 |  -5.691806   2.964721    -1.92   0.056    -11.53329    .1496774
       _cons |   49.17307   6.621012     7.43   0.000     36.12748    62.21866
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                      (97 categories)

. areg hoursm competition* lempm lfirmage public ldegree* mba* uncons ccfr ccge ccuk  $noise  if code~=code[_n+1],ab(sic3)rob cluster(csic)

Linear regression, absorbing indicators                Number of obs =     559
                                                       F( 34,   236) =   21.10
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.5091
                                                       Adj R-squared =  0.3540
                                                       Root MSE      =   5.517

                                (Std. Err. adjusted for 237 clusters in csic3)
------------------------------------------------------------------------------
             |               Robust
      hoursm |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
 competition |   .8916013   .6055018     1.47   0.142    -.3012777     2.08448
competitio~s |  -.9667166   2.798527    -0.35   0.730    -6.480002    4.546569
       lempm |   .1255464   .3040594     0.41   0.680    -.4734709    .7245636
    lfirmage |  -.5536243   .3912119    -1.42   0.158    -1.324338    .2170893
      public |    1.11964   1.083598     1.03   0.303     -1.01512    3.254401
     ldegree |   .0670369   .4521606     0.15   0.882    -.8237496    .9578235
 ldegreemiss |   .6702318   2.871196     0.23   0.816    -4.986216    6.326679
         mba |   .0442608    .098759     0.45   0.654     -.150301    .2388226
     mbamiss |   .0607249   2.060224     0.03   0.977    -3.998054    4.119504
      uncons |   .4073928   1.012388     0.40   0.688     -1.58708    2.401866
    ccfrance |  -6.237689   1.544777    -4.04   0.000    -9.281002   -3.194375
   ccgermany |  -3.699048    1.91318    -1.93   0.054    -7.468142     .070045
        ccuk |  -3.123253   1.110422    -2.81   0.005    -5.310858   -.9356478
      gender |  -1.675107   2.946288    -0.57   0.570    -7.479491    4.129278
        sen1 |   .1582465   .2883343     0.55   0.584    -.4097913    .7262843
  tenurepost |  -.0404183   .0584439    -0.69   0.490    -.1555566    .0747201
   countries |   1.380703   .7921408     1.74   0.083    -.1798669    2.941274
        day2 |   .1975501   .9186529     0.22   0.830    -1.612258    2.007358
        day3 |  -.1219678   .7616687    -0.16   0.873    -1.622506     1.37857
        day4 |   .0820607   .8866794     0.09   0.926    -1.664757    1.828878
        day5 |  -.5361909   .9984374    -0.54   0.592    -2.503179    1.430797
   timelocal |  -.1250782    .119486    -1.05   0.296    -.3604735    .1103171
    duration |  -.0239843   .0359014    -0.67   0.505    -.0947125    .0467438
        reli |   .2630163   .3760996     0.70   0.485    -.4779251    1.003958
         aa1 |  (dropped)
         aa2 |  (dropped)
         aa3 |  (dropped)
         aa4 |  (dropped)
         aa5 |  (dropped)
         aa6 |  -4.719492   .9386351    -5.03   0.000    -6.568666   -2.870318
         aa7 |  -.0331639   2.549774    -0.01   0.990    -5.056389    4.990061
         aa8 |   2.289813   1.498646     1.53   0.128    -.6626197    5.242245
         aa9 |  -.3740996   1.045129    -0.36   0.721    -2.433074    1.684874
        aa10 |    4.03545   1.725646     2.34   0.020     .6358114    7.435088
        aa11 |  -5.355383    1.63915    -3.27   0.001    -8.584618   -2.126149
        aa12 |   4.364501   1.999154     2.18   0.030     .4260335    8.302969
        aa13 |  (dropped)
        aa14 |   .6854661   1.371613     0.50   0.618    -2.016703    3.387635
        aa15 |   3.313604   1.605439     2.06   0.040     .1507815    6.476426
        aa16 |  -4.973453    2.75344    -1.81   0.072    -10.39791    .4510088
       _cons |   44.26035   4.515043     9.80   0.000     35.36541    53.15529
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                     (101 categories)

. 
. *FN28 and Competition and dispersion
. u realdata,replace

. drop if year==.
(0 observations deleted)

. so code year

. keep if code~=code[_n+1]
(5535 observations deleted)

. ge one=1

. egen no_ij=sum(one),by(sic3 cty)

. foreach X in zmanagement amanagement {
  2. qui egen `X'_mean=mean(`X'),by(sic3 cty) 
  3. qui egen `X'_sd=sd(`X'),by(sic3 cty) 
  4. ge `X'_cv=`X'_sd/`X'_mean
  5. }
(114 missing values generated)
(114 missing values generated)

. 
. /*do at cell level*/
. mac def xvars "zmanagement_cv amanagement_cv   lerner ccus ccuk ccfr ccge no_ij lindiopen9599 lempm lfirmage public ldegree* mba* uncons  gender sen1 tenu
> rep countries day2 day3 day4 day5 timelocal  duration reli  aa*  sic3 sic2"

. collapse (mean) $xvars ,by(csic)

. 
. areg zmanagement_cv  lindiopen9599 ccus ccuk ccfr if no_ij>3,abs(sic3) cluster(sic3)

Linear regression, absorbing indicators                Number of obs =      56
                                                       F(  4,    31) =    0.57
                                                       Prob > F      =  0.6871
                                                       R-squared     =  0.8033
                                                       Adj R-squared =  0.4591
                                                       Root MSE      =   5.607

                                  (Std. Err. adjusted for 32 clusters in sic3)
------------------------------------------------------------------------------
             |               Robust
zmanagemen~v |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
lindiop~9599 |  -6.335225    5.44659    -1.16   0.254    -17.44362    4.773169
        ccus |   -1.43437   2.152758    -0.67   0.510    -5.824948    2.956208
        ccuk |   .3613179   6.225846     0.06   0.954    -12.33638    13.05901
    ccfrance |   1.846878    4.52608     0.41   0.686    -7.384124    11.07788
       _cons |  -8.892046   8.879293    -1.00   0.324    -27.00148    9.217391
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                      (32 categories)

. areg zmanagement_cv  lerner        ccus ccuk ccfr if no_ij>3,abs(sic3) cluster(sic3)

Linear regression, absorbing indicators                Number of obs =      56
                                                       F(  4,    31) =    0.20
                                                       Prob > F      =  0.9378
                                                       R-squared     =  0.7774
                                                       Adj R-squared =  0.3880
                                                       Root MSE      =  5.9642

                                  (Std. Err. adjusted for 32 clusters in sic3)
------------------------------------------------------------------------------
             |               Robust
zmanagemen~v |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
      lerner |  -14.88096   17.67864    -0.84   0.406    -50.93679    21.17487
        ccus |   .9882915   3.564935     0.28   0.783    -6.282442    8.259025
        ccuk |  -2.155903   5.937678    -0.36   0.719    -14.26588    9.954072
    ccfrance |   .8301346   5.180598     0.16   0.874    -9.735765    11.39603
       _cons |   13.40871   15.90655     0.84   0.406    -19.03291    45.85033
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                      (32 categories)

. 
. 
. u realdata,clear

. so code year

. *FN31
. areg zoperations famcontrol50_2ceop lempm lfirmage public ldegree* mba* uncons ccfr ccge ccuk  $noise  famceomiss   if code~=code[_n+1],ab(sic3)rob

Linear regression, absorbing indicators                Number of obs =     732
                                                       F( 39,   588) =    6.96
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.4119
                                                       Adj R-squared =  0.2689
                                                       Root MSE      =  .66942

------------------------------------------------------------------------------
             |               Robust
 zoperations |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
famcontrol~p |  -.4342891   .1299363    -3.34   0.001    -.6894849   -.1790933
       lempm |    .088052   .0260149     3.38   0.001     .0369586    .1391454
    lfirmage |  -.0254182   .0383593    -0.66   0.508    -.1007561    .0499196
      public |  -.0870643    .096881    -0.90   0.369    -.2773392    .1032106
     ldegree |   .0411927   .0469491     0.88   0.381    -.0510156    .1334009
 ldegreemiss |   .1021586   .2780061     0.37   0.713    -.4438473    .6481644
         mba |   .0221888   .0087685     2.53   0.012     .0049673    .0394102
     mbamiss |   .0115255   .2034475     0.06   0.955    -.3880467    .4110977
      uncons |   .0944131   .1044531     0.90   0.366    -.1107335    .2995597
    ccfrance |  -.5666349   .2500949    -2.27   0.024    -1.057823    -.075447
   ccgermany |   -.216981    .146775    -1.48   0.140    -.5052482    .0712861
        ccuk |  -.2217829   .1058813    -2.09   0.037    -.4297345   -.0138313
      gender |   .2803421   .1457916     1.92   0.055    -.0059936    .5666778
        sen1 |   .0838167   .0294344     2.85   0.005     .0260074    .1416261
  tenurepost |  -.0075286   .0066684    -1.13   0.259    -.0206254    .0055682
   countries |   .0694399   .0419991     1.65   0.099    -.0130466    .1519264
        day2 |   .0767234   .0998213     0.77   0.442    -.1193262     .272773
        day3 |   .0793657   .0964597     0.82   0.411    -.1100819    .2688132
        day4 |   .2173369   .1006718     2.16   0.031     .0196168    .4150569
        day5 |   .0684909   .1031945     0.66   0.507    -.1341838    .2711657
   timelocal |  -.0154455    .011687    -1.32   0.187    -.0383987    .0075078
    duration |   .0042283   .0026581     1.59   0.112    -.0009923     .009449
        reli |   .3025068   .0386511     7.83   0.000     .2265958    .3784177
         aa1 |   1.350569   .5318329     2.54   0.011     .3060459    2.395093
         aa2 |    1.03116   .3483908     2.96   0.003     .3469177    1.715401
         aa3 |   1.289532   .6081831     2.12   0.034     .0950561    2.484007
         aa4 |  (dropped)
         aa5 |   .2179688   .6000429     0.36   0.717    -.9605195    1.396457
         aa6 |   1.690352   .3486473     4.85   0.000     1.005606    2.375097
         aa7 |   1.275437   .4098947     3.11   0.002     .4704013    2.080473
         aa8 |   1.231968   .2589324     4.76   0.000      .723423    1.740513
         aa9 |   .9052871   .2413781     3.75   0.000      .431219    1.379355
        aa10 |   1.654134   .2732575     6.05   0.000     1.117455    2.190814
        aa11 |   1.180253    .256429     4.60   0.000     .6766243    1.683881
        aa12 |   1.503057   .2737802     5.49   0.000     .9653506    2.040763
        aa13 |   1.813032   .3064601     5.92   0.000     1.211142    2.414922
        aa14 |   1.259788   .2521158     5.00   0.000     .7646308    1.754945
        aa15 |   1.383018   .2475692     5.59   0.000       .89679    1.869245
        aa16 |   1.597133   .5205271     3.07   0.002     .5748147    2.619452
  famceomiss |  -.2352902   .2431813    -0.97   0.334    -.7128999    .2423196
       _cons |  -3.365834   .4338932    -7.76   0.000    -4.218003   -2.513665
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                     (105 categories)

. areg zmonitoring famcontrol50_2ceop lempm lfirmage public ldegree* mba* uncons ccfr ccge ccuk  $noise  famceomiss   if code~=code[_n+1],ab(sic3)rob

Linear regression, absorbing indicators                Number of obs =     732
                                                       F( 39,   588) =    6.20
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.4014
                                                       Adj R-squared =  0.2558
                                                       Root MSE      =  .68043

------------------------------------------------------------------------------
             |               Robust
 zmonitoring |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
famcontrol~p |  -.3887196   .1171561    -3.32   0.001    -.6188149   -.1586243
       lempm |   .1039936   .0279145     3.73   0.000     .0491694    .1588179
    lfirmage |  -.0089196   .0374381    -0.24   0.812    -.0824483    .0646091
      public |  -.0798204   .0999027    -0.80   0.425      -.27603    .1163893
     ldegree |   .0524718   .0482129     1.09   0.277    -.0422187    .1471624
 ldegreemiss |   .1220819   .3080944     0.40   0.692    -.4830176    .7271814
         mba |   .0240783    .009251     2.60   0.009     .0059093    .0422474
     mbamiss |   .0053047    .245496     0.02   0.983     -.476851    .4874604
      uncons |   .1224999   .1042745     1.17   0.241    -.0822959    .3272957
    ccfrance |  -.5781639   .2988671    -1.93   0.054    -1.165141    .0088131
   ccgermany |  -.1229191   .1622606    -0.76   0.449       -.4416    .1957618
        ccuk |  -.1318956   .1096648    -1.20   0.230    -.3472781    .0834868
      gender |   .2481599   .1309153     1.90   0.059    -.0089586    .5052783
        sen1 |   .1006245   .0295716     3.40   0.001     .0425456    .1587034
  tenurepost |  -.0094739   .0069015    -1.37   0.170    -.0230284    .0040807
   countries |   .0346021   .0428649     0.81   0.420    -.0495848    .1187891
        day2 |   .0735796   .0988077     0.74   0.457    -.1204793    .2676385
        day3 |   .1124541   .0942504     1.19   0.233    -.0726544    .2975625
        day4 |   .1608476   .1001367     1.61   0.109    -.0358215    .3575167
        day5 |   .0583805   .1017665     0.57   0.566    -.1414896    .2582507
   timelocal |  -.0212469   .0121013    -1.76   0.080    -.0450139    .0025201
    duration |   .0034118    .002822     1.21   0.227    -.0021307    .0089543
        reli |    .298726   .0398685     7.49   0.000      .220424     .377028
         aa1 |   .6561112   .5529274     1.19   0.236    -.4298419    1.742064
         aa2 |   .6406661   .4313519     1.49   0.138    -.2065119    1.487844
         aa3 |   1.054242   .5680929     1.86   0.064    -.0614959    2.169981
         aa4 |  (dropped)
         aa5 |  -.3379785   .6458948    -0.52   0.601     -1.60652    .9305632
         aa6 |   1.258189   .4328537     2.91   0.004     .4080609    2.108316
         aa7 |   1.104027    .435217     2.54   0.011     .2492579    1.958796
         aa8 |   .7555201   .3265269     2.31   0.021     .1142191    1.396821
         aa9 |   .4705205   .3160126     1.49   0.137    -.1501303    1.091171
        aa10 |   1.154355   .3484559     3.31   0.001     .4699853    1.838725
        aa11 |   .7229121   .3280552     2.20   0.028     .0786095    1.367215
        aa12 |   .9610928   .3455066     2.78   0.006     .2825154     1.63967
        aa13 |   1.300444   .3991865     3.26   0.001     .5164386    2.084448
        aa14 |   .9608984   .3233323     2.97   0.003     .3258717    1.595925
        aa15 |   .9629666   .3155982     3.05   0.002     .3431297    1.582804
        aa16 |   1.220927    .542193     2.25   0.025     .1560564    2.285798
  famceomiss |  -.0177462   .2760312    -0.06   0.949    -.5598734     .524381
       _cons |  -3.033386   .4876249    -6.22   0.000    -3.991084   -2.075687
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                     (105 categories)

. areg ztargets famcontrol50_2ceop lempm lfirmage public ldegree* mba* uncons ccfr ccge ccuk  $noise  famceomiss   if code~=code[_n+1],ab(sic3)rob

Linear regression, absorbing indicators                Number of obs =     732
                                                       F( 39,   588) =    7.00
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.3997
                                                       Adj R-squared =  0.2537
                                                       Root MSE      =  .71268

------------------------------------------------------------------------------
             |               Robust
    ztargets |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
famcontrol~p |  -.2417103    .117412    -2.06   0.040    -.4723083   -.0111122
       lempm |   .1230611   .0288304     4.27   0.000      .066438    .1796841
    lfirmage |  -.0402666   .0381994    -1.05   0.292    -.1152904    .0347572
      public |  -.1474028   .0981161    -1.50   0.134    -.3401034    .0452978
     ldegree |   .0661891   .0461535     1.43   0.152    -.0244566    .1568349
 ldegreemiss |   .3320314   .2936039     1.13   0.259    -.2446086    .9086715
         mba |   .0235187   .0086333     2.72   0.007     .0065629    .0404746
     mbamiss |  -.2297574   .2151209    -1.07   0.286    -.6522563    .1927414
      uncons |   .1267218   .1165471     1.09   0.277    -.1021775     .355621
    ccfrance |  -.6144824   .3210101    -1.91   0.056    -1.244948    .0159836
   ccgermany |  -.1112955   .1538724    -0.72   0.470    -.4135018    .1909109
        ccuk |  -.2772646    .111592    -2.48   0.013    -.4964319   -.0580973
      gender |    .302253   .2053756     1.47   0.142     -.101106    .7056119
        sen1 |   .1192398   .0296063     4.03   0.000      .061093    .1773867
  tenurepost |  -.0109748   .0070779    -1.55   0.122    -.0248758    .0029263
   countries |   .0537167   .0479141     1.12   0.263    -.0403869    .1478204
        day2 |   .0283243   .1082406     0.26   0.794    -.1842609    .2409096
        day3 |  -.0426426   .1017659    -0.42   0.675    -.2425115    .1572263
        day4 |    .117264   .1045211     1.12   0.262    -.0880161    .3225441
        day5 |   .0116197   .1107334     0.10   0.916    -.2058614    .2291008
   timelocal |  -.0250931   .0120874    -2.08   0.038    -.0488329   -.0013534
    duration |   .0054522   .0031261     1.74   0.082    -.0006875    .0115919
        reli |   .3518529   .0378855     9.29   0.000     .2774456    .4262602
         aa1 |   .8283251   1.101215     0.75   0.452    -1.334468    2.991118
         aa2 |   .4952337   1.010414     0.49   0.624    -1.489226    2.479693
         aa3 |   1.198552   1.078585     1.11   0.267    -.9197964    3.316901
         aa4 |  (dropped)
         aa5 |   -.465804   1.088395    -0.43   0.669     -2.60342    1.671812
         aa6 |   1.113403   1.049638     1.06   0.289    -.9480939      3.1749
         aa7 |   1.082798   1.059163     1.02   0.307    -.9974049       3.163
         aa8 |   .8493261   1.007371     0.84   0.400    -1.129157    2.827809
         aa9 |   .7502208   .9994472     0.75   0.453      -1.2127    2.713142
        aa10 |    1.20984   1.010494     1.20   0.232    -.7747761    3.194456
        aa11 |     .88239   1.003511     0.88   0.380    -1.088512    2.853292
        aa12 |   1.005451   1.007557     1.00   0.319     -.973398      2.9843
        aa13 |   1.311835   1.033983     1.27   0.205    -.7189146    3.342584
        aa14 |   1.218165    1.00533     1.21   0.226    -.7563094     3.19264
        aa15 |   1.158032   1.000702     1.16   0.248    -.8073531    3.123416
        aa16 |   .7483175   1.126396     0.66   0.507    -1.463933    2.960568
  famceomiss |  -.4762245    .315057    -1.51   0.131    -1.094999    .1425496
       _cons |  -3.388663   1.083194    -3.13   0.002    -5.516063   -1.261263
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                     (105 categories)

. areg zincentives famcontrol50_2ceop lempm lfirmage public ldegree* mba* uncons ccfr ccge ccuk  $noise  famceomiss   if code~=code[_n+1],ab(sic3)rob

Linear regression, absorbing indicators                Number of obs =     732
                                                       F( 39,   588) =    6.14
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.4131
                                                       Adj R-squared =  0.2703
                                                       Root MSE      =  .61107

------------------------------------------------------------------------------
             |               Robust
 zincentives |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
famcontrol~p |  -.2744862   .0955777    -2.87   0.004    -.4622014   -.0867711
       lempm |   .0885502   .0263322     3.36   0.001     .0368336    .1402669
    lfirmage |  -.0064354   .0334706    -0.19   0.848    -.0721719    .0593012
      public |  -.0352369   .0908044    -0.39   0.698    -.2135774    .1431035
     ldegree |   .0539343    .041701     1.29   0.196    -.0279668    .1358354
 ldegreemiss |   .2140148   .2273626     0.94   0.347    -.2325269    .6605564
         mba |   .0129813   .0106102     1.22   0.222    -.0078573    .0338199
     mbamiss |  -.1040942   .1620102    -0.64   0.521    -.4222832    .2140948
      uncons |   .1317354   .1011359     1.30   0.193    -.0668961     .330367
    ccfrance |  -.6237913   .2527218    -2.47   0.014    -1.120139    -.127444
   ccgermany |  -.3181102   .1435726    -2.22   0.027    -.6000876   -.0361327
        ccuk |  -.2633536   .1031122    -2.55   0.011    -.4658667   -.0608405
      gender |   .1588214   .1325977     1.20   0.231    -.1016014    .4192443
        sen1 |   .0623389   .0264032     2.36   0.019      .010483    .1141949
  tenurepost |   .0039381   .0058217     0.68   0.499    -.0074956    .0153719
   countries |    .049251   .0471583     1.04   0.297    -.0433683    .1418702
        day2 |   .0072354   .0867647     0.08   0.934     -.163171    .1776419
        day3 |   .0611448   .0807943     0.76   0.449    -.0975358    .2198254
        day4 |   .1722252   .0870574     1.98   0.048      .001244    .3432065
        day5 |   .0650626   .0876554     0.74   0.458    -.1070931    .2372183
   timelocal |  -.0167214   .0100375    -1.67   0.096    -.0364351    .0029922
    duration |   .0056846   .0027391     2.08   0.038      .000305    .0110642
        reli |   .3018821   .0348684     8.66   0.000     .2334004    .3703638
         aa1 |   .5741634   .6652837     0.86   0.388    -.7324581    1.880785
         aa2 |   .8766942   .6040432     1.45   0.147    -.3096506    2.063039
         aa3 |   1.450862   .6826015     2.13   0.034     .1102282    2.791496
         aa4 |  (dropped)
         aa5 |  -.2629895   .5760768    -0.46   0.648    -1.394408    .8684291
         aa6 |   1.028943   .6169292     1.67   0.096    -.1827104    2.240596
         aa7 |   .8240949    .614592     1.34   0.180    -.3829679    2.031158
         aa8 |   .6959111   .5687796     1.22   0.222    -.4211758    1.812998
         aa9 |   .6635812   .5642266     1.18   0.240    -.4445635    1.771726
        aa10 |   .9998447   .5811966     1.72   0.086    -.1416294    2.141319
        aa11 |   .7098163   .5685904     1.25   0.212    -.4068991    1.826532
        aa12 |   1.020306   .5812665     1.76   0.080    -.1213051    2.161917
        aa13 |   .9445578   .5990577     1.58   0.115    -.2319955    2.121111
        aa14 |   1.074619   .5662278     1.90   0.058    -.0374564    2.186694
        aa15 |   .9948792   .5651395     1.76   0.079    -.1150585    2.104817
        aa16 |   1.244144   .6632469     1.88   0.061    -.0584777    2.546765
  famceomiss |  -.1817431   .2292225    -0.79   0.428    -.6319376    .2684515
       _cons |  -2.992908    .669664    -4.47   0.000    -4.308132   -1.677683
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                     (105 categories)

. 
. 
. *FN32 and text on competition and family firms
. areg famcontrol50_2ceop competition lempm lfirmage public ldegree* mba* uncons ccfr ccge ccuk  $noise  famceomiss   if code~=code[_n+1]&competitionmiss==0
> ,ab(sic3)rob

Linear regression, absorbing indicators                Number of obs =     686
                                                       F( 34,   548) =    1.45
                                                       Prob > F      =  0.0519
                                                       R-squared     =  0.3044
                                                       Adj R-squared =  0.1305
                                                       Root MSE      =  .24479

------------------------------------------------------------------------------
             |               Robust
famcontrol~p |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
 competition |   -.037531   .0196062    -1.91   0.056    -.0760435    .0009815
       lempm |  -.0200018   .0106045    -1.89   0.060    -.0408323    .0008286
    lfirmage |   .0503117   .0131352     3.83   0.000     .0245102    .0761133
      public |    -.07847   .0433296    -1.81   0.071    -.1635825    .0066425
     ldegree |   -.004916   .0179867    -0.27   0.785    -.0402473    .0304153
 ldegreemiss |   .0218918   .0878639     0.25   0.803    -.1506996    .1944831
         mba |   -.003509   .0029238    -1.20   0.231    -.0092523    .0022343
     mbamiss |  -.0439323   .0417644    -1.05   0.293    -.1259702    .0381057
      uncons |  -.0634818   .0445423    -1.43   0.155    -.1509764    .0240128
    ccfrance |   .0961015   .0974196     0.99   0.324    -.0952601    .2874632
   ccgermany |  -.0647756   .0657769    -0.98   0.325    -.1939813    .0644302
        ccuk |   .0275867   .0376702     0.73   0.464    -.0464089    .1015824
      gender |  -.0559987   .0377653    -1.48   0.139    -.1301812    .0181837
        sen1 |  -.0047353   .0113547    -0.42   0.677    -.0270393    .0175688
  tenurepost |   .0051241   .0027631     1.85   0.064    -.0003035    .0105516
   countries |  -.0248057   .0121633    -2.04   0.042    -.0486982   -.0009133
        day2 |  -.0213953   .0436789    -0.49   0.624    -.1071939    .0644033
        day3 |  -.0441548   .0415626    -1.06   0.289    -.1257963    .0374867
        day4 |  -.0000758   .0430545    -0.00   0.999     -.084648    .0844963
        day5 |  -.0206494   .0429082    -0.48   0.631    -.1049341    .0636352
   timelocal |   .0038679   .0042038     0.92   0.358    -.0043896    .0121254
    duration |  -.0027972   .0010712    -2.61   0.009    -.0049013   -.0006931
        reli |  -.0084044   .0125486    -0.67   0.503    -.0330536    .0162448
         aa1 |  (dropped)
         aa2 |  (dropped)
         aa3 |  (dropped)
         aa4 |  (dropped)
         aa5 |  (dropped)
         aa6 |  -.0462188   .1071469    -0.43   0.666    -.2566876    .1642501
         aa7 |  -.0325324   .0496614    -0.66   0.513    -.1300825    .0650176
         aa8 |  -.0334401   .0620169    -0.54   0.590    -.1552601    .0883798
         aa9 |  -.0607446   .0538302    -1.13   0.260    -.1664835    .0449943
        aa10 |  -.0722494   .0669357    -1.08   0.281    -.2037314    .0592325
        aa11 |  -.0170141   .0703048    -0.24   0.809     -.155114    .1210858
        aa12 |  -.0448728    .070167    -0.64   0.523     -.182702    .0929565
        aa13 |  -.1088946   .0870155    -1.25   0.211    -.2798194    .0620302
        aa14 |  -.0276332   .0569588    -0.49   0.628    -.1395174    .0842511
        aa15 |  -.0407823   .0563284    -0.72   0.469    -.1514284    .0698637
        aa16 |  (dropped)
  famceomiss |  -.1162616   .0701898    -1.66   0.098    -.2541356    .0216123
       _cons |   .3982561   .1432328     2.78   0.006     .1169036    .6796086
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                     (104 categories)

. areg amanagement famcontrol50_2ceop competition lempm lfirmage public ldegree* mba* uncons ccfr ccge ccuk  $noise  famceomiss   if code~=code[_n+1]&compet
> itionmiss==0,ab(sic3)rob

Linear regression, absorbing indicators                Number of obs =     686
                                                       F( 35,   547) =    8.33
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.4621
                                                       Adj R-squared =  0.3264
                                                       Root MSE      =  .62277

------------------------------------------------------------------------------
             |               Robust
 amanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
famcontrol~p |  -.3629256   .1076933    -3.37   0.001    -.5744686   -.1513825
 competition |   .1410579   .0543593     2.59   0.010     .0342793    .2478365
       lempm |   .1233177   .0270071     4.57   0.000     .0702675     .176368
    lfirmage |  -.0190773    .035403    -0.54   0.590    -.0886198    .0504651
      public |  -.1042769   .0966301    -1.08   0.281    -.2940885    .0855346
     ldegree |   .0545031   .0409569     1.33   0.184    -.0259491    .1349552
 ldegreemiss |   .1830181   .2643272     0.69   0.489    -.3362025    .7022386
         mba |   .0219812   .0094897     2.32   0.021     .0033405    .0406219
     mbamiss |  -.0367085   .2028926    -0.18   0.856    -.4352526    .3618356
      uncons |   .1499773   .1064603     1.41   0.159    -.0591437    .3590983
    ccfrance |  -.6600803   .2441859    -2.70   0.007    -1.139737   -.1804234
   ccgermany |  -.2503404   .1343843    -1.86   0.063    -.5143129    .0136322
        ccuk |  -.2374217   .1087889    -2.18   0.030    -.4511168   -.0237266
      gender |   .2745218   .1373036     2.00   0.046     .0048149    .5442286
        sen1 |   .0794339   .0266339     2.98   0.003     .0271166    .1317512
  tenurepost |  -.0046257   .0061731    -0.75   0.454    -.0167516    .0075002
   countries |   .0551285   .0440489     1.25   0.211    -.0313972    .1416541
        day2 |   .0667507   .0911338     0.73   0.464    -.1122644    .2457658
        day3 |   .0922695   .0903877     1.02   0.308    -.0852799    .2698189
        day4 |   .1970017   .0938686     2.10   0.036     .0126146    .3813888
        day5 |   .0854119   .0961607     0.89   0.375    -.1034776    .2743014
   timelocal |  -.0189317   .0105731    -1.79   0.074    -.0397006    .0018372
    duration |   .0056999   .0026414     2.16   0.031     .0005113    .0108885
        reli |   .3416138    .035022     9.75   0.000     .2728196    .4104079
         aa1 |  (dropped)
         aa2 |  (dropped)
         aa3 |  (dropped)
         aa4 |  (dropped)
         aa5 |  (dropped)
         aa6 |   .0183236   .4969935     0.04   0.971    -.9579259    .9945731
         aa7 |  -.2746962   .5064299    -0.54   0.588    -1.269482    .7200893
         aa8 |   -.422094   .4388782    -0.96   0.337    -1.284187    .4399991
         aa9 |  -.5967865   .4286529    -1.39   0.164    -1.438794    .2452208
        aa10 |  -.0062332   .4385221    -0.01   0.989    -.8676267    .8551603
        aa11 |  -.4778325   .4367659    -1.09   0.274    -1.335776    .3801113
        aa12 |  -.1388253   .4400462    -0.32   0.753    -1.003213     .725562
        aa13 |   .0358925   .4652836     0.08   0.939    -.8780689    .9498538
        aa14 |  -.1823969   .4292062    -0.42   0.671    -1.025491    .6606973
        aa15 |  -.1381401   .4339805    -0.32   0.750    -.9906126    .7143323
        aa16 |  (dropped)
  famceomiss |  -.2490324   .2430907    -1.02   0.306     -.726538    .2284732
       _cons |   .6434908   .5404934     1.19   0.234     -.418206    1.705188
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                     (104 categories)

. test famcontrol50_2ceop competition

 ( 1)  famcontrol50_2ceop = 0
 ( 2)  competition = 0

       F(  2,   547) =   10.67
            Prob > F =    0.0000

. 
. *FN33
. u realdata,clear

. areg ls zmanagement law lp le lm lp_f lp_g lp_un lp_us  le_f le_g le_un le_us  lm_f lm_g lm_un lm_us  $noise  cyy* $extras    ,ab(sic3) rob cluster(code)

Linear regression, absorbing indicators                Number of obs =    2672
                                                       F( 89, 429)   =       .
                                                       Prob > F      =
                                                       R-squared     =  0.9850
                                                       Adj R-squared =  0.9839
                                                       Root MSE      =    .176

                                 (Std. Err. adjusted for 430 clusters in code)
------------------------------------------------------------------------------
             |               Robust
          ls |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
 zmanagement |   .0486973   .0165162     2.95   0.003     .0162345      .08116
         law |   .6826264    .037629    18.14   0.000     .6086661    .7565866
          lp |    .095014   .0202573     4.69   0.000     .0551981    .1348298
          le |   .6023911   .0272831    22.08   0.000      .548766    .6560163
          lm |   .2736143   .0196764    13.91   0.000     .2349401    .3122885
       lp_fr |  -.0092368   .0357868    -0.26   0.796     -.079576    .0611025
       lp_gr |   .0034076   .0308163     0.11   0.912    -.0571621    .0639772
   lp_uncons |   .0081509   .0298688     0.27   0.785    -.0505565    .0668583
       lp_us |  -.0154752   .1337179    -0.12   0.908     -.278299    .2473486
       le_fr |  -.0585013   .0512027    -1.14   0.254    -.1591408    .0421381
       le_gr |  -.1706124   .0517849    -3.29   0.001    -.2723961   -.0688286
   le_uncons |  -.0253375   .0477603    -0.53   0.596    -.1192107    .0685358
       le_us |   .0572712   .1033055     0.55   0.580    -.1457768    .2603191
       lm_fr |   .0359563   .0381576     0.94   0.347    -.0390428    .1109555
       lm_gr |   .1680758   .0356481     4.71   0.000     .0980091    .2381426
       lm_un |   .0232254    .031622     0.73   0.463    -.0389279    .0853788
       lm_us |  -.0205009   .0845513    -0.24   0.809    -.1866873    .1456855
      gender |  -.0927259   .1065845    -0.87   0.385    -.3022187    .1167668
        sen1 |   .0153704   .0111143     1.38   0.167    -.0064747    .0372156
  tenurepost |   .0008441    .002119     0.40   0.691    -.0033209    .0050091
   countries |  -.0027758   .0208298    -0.13   0.894    -.0437169    .0381653
        day2 |  -.0124766   .0315513    -0.40   0.693     -.074491    .0495379
        day3 |   .0041061   .0309263     0.13   0.894    -.0566799     .064892
        day4 |  -.0175693    .028327    -0.62   0.535    -.0732463    .0381078
        day5 |   .0143867   .0311106     0.46   0.644    -.0467614    .0755349
   timelocal |   .0025341    .003887     0.65   0.515    -.0051059    .0101742
    duration |  -.0006408   .0009819    -0.65   0.514    -.0025707    .0012891
        reli |  -.0212165   .0148632    -1.43   0.154    -.0504302    .0079973
         aa1 |   -.258868   .1408079    -1.84   0.067    -.5356272    .0178912
         aa2 |  (dropped)
         aa3 |  (dropped)
         aa4 |  -.2214353   .4817236    -0.46   0.646    -1.168267    .7253968
         aa5 |  -.0121484   .4884053    -0.02   0.980    -.9721134    .9478166
         aa6 |   -.153034   .0957092    -1.60   0.111    -.3411513    .0350834
         aa7 |  -.2096147   .4799346    -0.44   0.663    -1.152931    .7337012
         aa8 |  -.1435167   .4754087    -0.30   0.763    -1.077937    .7909035
         aa9 |  -.2460283   .4905968    -0.50   0.616    -1.210301    .7182443
        aa10 |  -.1556271   .4982879    -0.31   0.755    -1.135017    .8237624
        aa11 |  -.1791841   .4878503    -0.37   0.714    -1.138058    .7796901
        aa12 |  -.1486218   .4985209    -0.30   0.766    -1.128469    .8312255
        aa13 |  -.1049484   .0944656    -1.11   0.267    -.2906214    .0807246
        aa14 |  -.1811429   .4848275    -0.37   0.709    -1.134076    .7717899
        aa15 |  -.1951909   .4820656    -0.40   0.686    -1.142695    .7523135
        aa16 |  (dropped)
        cyy1 |  -.0898975   .3998286    -0.22   0.822    -.8757643    .6959694
        cyy2 |  -.0782482   .3988514    -0.20   0.845    -.8621942    .7056979
        cyy3 |  -.0687538   .3996585    -0.17   0.863    -.8542862    .7167787
        cyy4 |  -.0559303   .3993207    -0.14   0.889    -.8407988    .7289381
        cyy5 |  -.0918912   .3999988    -0.23   0.818    -.8780924      .69431
        cyy6 |  -.1025625   .4005508    -0.26   0.798    -.8898487    .6847238
        cyy7 |  -.1048402   .3995793    -0.26   0.793     -.890217    .6805365
        cyy8 |  -.1033582   .4005197    -0.26   0.796    -.8905834     .683867
        cyy9 |  -.1025137   .4010863    -0.26   0.798    -.8908524    .6858251
       cyy10 |  -.1063318   .4017462    -0.26   0.791    -.8959676    .6833041
       cyy11 |  -.0996511   .4030464    -0.25   0.805    -.8918424    .6925403
       cyy12 |    .030427   .0592578     0.51   0.608    -.0860448    .1468989
       cyy13 |   .1027003   .0534543     1.92   0.055    -.0023647    .2077653
       cyy14 |   .0725776   .0535246     1.36   0.176    -.0326256    .1777808
       cyy15 |   .0819611   .0510903     1.60   0.109    -.0184573    .1823795
       cyy16 |   .0808919   .0490224     1.65   0.100     -.015462    .1772458
       cyy17 |   .0890442   .0488777     1.82   0.069    -.0070254    .1851138
       cyy18 |   .1339472   .0499436     2.68   0.008     .0357825    .2321119
       cyy19 |   .1424426   .0522802     2.72   0.007     .0396854    .2451998
       cyy20 |   .1047964   .0489583     2.14   0.033     .0085684    .2010243
       cyy21 |    .084743   .0476318     1.78   0.076    -.0088777    .1783637
       cyy22 |  (dropped)
       cyy23 |  -.7721729   .4665641    -1.66   0.099    -1.689209    .1448631
       cyy24 |  -.7333253   .4664661    -1.57   0.117    -1.650169    .1835181
       cyy25 |  -.7710145   .4672514    -1.65   0.100    -1.689401    .1473724
       cyy26 |   -.702778   .4654944    -1.51   0.132    -1.617712    .2121556
       cyy27 |  -.6795506   .4627255    -1.47   0.143    -1.589042    .2299406
       cyy28 |  -.7966496   .4562722    -1.75   0.082    -1.693457    .1001577
       cyy29 |  -.8009588   .4573298    -1.75   0.081    -1.699845    .0979271
       cyy30 |  -.8087188   .4552294    -1.78   0.076    -1.703476    .0860387
       cyy31 |  -.8585004   .4593357    -1.87   0.062    -1.761329    .0443281
       cyy32 |  -.8813885   .4616924    -1.91   0.057    -1.788849    .0260722
       cyy33 |  -.9853153   .4732972    -2.08   0.038    -1.915585   -.0550454
       cyy34 |   -.229527   .1135907    -2.02   0.044    -.4527904   -.0062635
       cyy35 |   -.199867   .1115681    -1.79   0.074     -.419155    .0194211
       cyy36 |  -.2104607    .089387    -2.35   0.019    -.3861516   -.0347698
       cyy37 |  -.1389179   .0890694    -1.56   0.120    -.3139846    .0361488
       cyy38 |  -.1776189   .0934964    -1.90   0.058    -.3613869    .0061491
       cyy39 |  -.1543253   .0815031    -1.89   0.059    -.3145203    .0058697
       cyy40 |  -.0774405   .0486686    -1.59   0.112     -.173099    .0182181
       cyy41 |  -.0428858   .0551231    -0.78   0.437    -.1512308    .0654592
       cyy42 |  -.0211571   .0906415    -0.23   0.816    -.1993138    .1569995
       cyy43 |  -.0131212   .0267614    -0.49   0.624    -.0657209    .0394785
       cyy44 |  (dropped)
      uncons |  -.1288608   .1756892    -0.73   0.464    -.4741796     .216458
    lfirmage |  -.0332644   .0110929    -3.00   0.003    -.0550675   -.0114612
      public |  -.0049719   .0282607    -0.18   0.860    -.0605186    .0505747
      uncons |  (dropped)
     ldegree |   .0266567   .0184938     1.44   0.150     -.009693    .0630063
 ldegreemiss |  -.0497615   .0973967    -0.51   0.610    -.2411955    .1416726
         mba |   .0001404   .0041025     0.03   0.973    -.0079231    .0082039
     mbamiss |   .0305271   .0660109     0.46   0.644     -.099218    .1602722
        lhrs |   -.030813   .0095995    -3.21   0.001    -.0496809   -.0119452
       _cons |   1.748465    .328746     5.32   0.000     1.102311    2.394618
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                      (90 categories)

. areg ls zmanagement     lp le lm lp_f lp_g lp_un lp_us  le_f le_g le_un le_us  lm_f lm_g lm_un lm_us  $noise  cyy* $extras   if law~=.  ,ab(sic3) rob clus
> ter(code)

Linear regression, absorbing indicators                Number of obs =    2672
                                                       F( 88, 429)   =       .
                                                       Prob > F      =
                                                       R-squared     =  0.9775
                                                       Adj R-squared =  0.9758
                                                       Root MSE      =  .21586

                                 (Std. Err. adjusted for 430 clusters in code)
------------------------------------------------------------------------------
             |               Robust
          ls |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
 zmanagement |   .0582848   .0200135     2.91   0.004     .0189481    .0976214
          lp |   .1459957     .02661     5.49   0.000     .0936935    .1982979
          le |    .522022   .0344176    15.17   0.000     .4543739      .58967
          lm |   .3145783   .0242262    12.99   0.000     .2669614    .3621951
       lp_fr |   .0447195    .053851     0.83   0.407    -.0611252    .1505642
       lp_gr |   .0002972   .0394268     0.01   0.994    -.0771964    .0777909
   lp_uncons |  -.0206884   .0445083    -0.46   0.642    -.1081699     .066793
       lp_us |   .1043787    .110101     0.95   0.344    -.1120258    .3207832
       le_fr |  -.1513885   .0695711    -2.18   0.030    -.2881311   -.0146459
       le_gr |  -.1896363   .0573321    -3.31   0.001    -.3023231   -.0769496
   le_uncons |   .0654791   .0649227     1.01   0.314    -.0621271    .1930853
       le_us |  -.0943904   .0825121    -1.14   0.253    -.2565688     .067788
       lm_fr |  -.0105734   .0501514    -0.21   0.833    -.1091464    .0879996
       lm_gr |   .1573301   .0409201     3.84   0.000     .0769013     .237759
       lm_un |   .0306793   .0414783     0.74   0.460    -.0508466    .1122053
       lm_us |   .0615578   .0833517     0.74   0.461    -.1022707    .2253863
      gender |  -.0361039   .1299912    -0.28   0.781    -.2916028     .219395
        sen1 |   .0102033   .0140798     0.72   0.469    -.0174708    .0378773
  tenurepost |   .0017583   .0024676     0.71   0.477    -.0030918    .0066083
   countries |  -.0098103   .0238547    -0.41   0.681     -.056697    .0370764
        day2 |  -.0134536   .0417405    -0.32   0.747    -.0954949    .0685877
        day3 |   .0068629   .0381004     0.18   0.857    -.0680238    .0817496
        day4 |   .0117855    .038576     0.31   0.760     -.064036    .0876069
        day5 |   .0263346   .0408436     0.64   0.519    -.0539439    .1066131
   timelocal |   .0061971   .0050568     1.23   0.221    -.0037421    .0161363
    duration |  -.0002195   .0012873    -0.17   0.865    -.0027497    .0023107
        reli |  -.0144265   .0186871    -0.77   0.441    -.0511562    .0223031
         aa1 |  -.5538834   .1350115    -4.10   0.000    -.8192498   -.2885171
         aa2 |  (dropped)
         aa3 |  (dropped)
         aa4 |  -2.369514   .4560857    -5.20   0.000    -3.265955   -1.473074
         aa5 |   -2.17392   .4597943    -4.73   0.000     -3.07765    -1.27019
         aa6 |  -.4135735   .1051342    -3.93   0.000    -.6202158   -.2069313
         aa7 |  -2.468763   .4581465    -5.39   0.000    -3.369254   -1.568272
         aa8 |  -2.349063   .4392808    -5.35   0.000    -3.212474   -1.485653
         aa9 |  -2.409097   .4714853    -5.11   0.000    -3.335806   -1.482389
        aa10 |  -2.289581   .4876551    -4.70   0.000    -3.248072    -1.33109
        aa11 |  -2.431046   .4565353    -5.32   0.000     -3.32837   -1.533721
        aa12 |  -2.275987   .4880585    -4.66   0.000     -3.23527   -1.316703
        aa13 |  -.2884386   .1071439    -2.69   0.007     -.499031   -.0778463
        aa14 |  -2.433117   .4554392    -5.34   0.000    -3.328287   -1.537947
        aa15 |  -2.426333   .4550805    -5.33   0.000    -3.320798   -1.531868
        aa16 |  (dropped)
        cyy1 |   .9549502   .3301664     2.89   0.004     .3060052    1.603895
        cyy2 |   .9827572   .3268313     3.01   0.003     .3403674    1.625147
        cyy3 |   1.032171   .3269447     3.16   0.002     .3895579    1.674784
        cyy4 |   1.076498   .3248232     3.31   0.001     .4380549    1.714941
        cyy5 |   1.051525   .3280769     3.21   0.001     .4066871    1.696363
        cyy6 |    1.05642   .3277387     3.22   0.001     .4122463    1.700593
        cyy7 |   1.039889   .3274804     3.18   0.002     .3962235    1.683555
        cyy8 |   1.056993      .3272     3.23   0.001     .4138782    1.700107
        cyy9 |   1.136522   .3275385     3.47   0.001     .4927424    1.780302
       cyy10 |   1.210657   .3279536     3.69   0.000      .566061    1.855252
       cyy11 |   1.223372   .3293529     3.71   0.000     .5760261    1.870719
       cyy12 |  -.0865898   .0645066    -1.34   0.180    -.2133781    .0401985
       cyy13 |  -.0650016   .0544618    -1.19   0.233    -.1720467    .0420435
       cyy14 |  -.0596225   .0567034    -1.05   0.294    -.1710735    .0518285
       cyy15 |    -.04798   .0539689    -0.89   0.374    -.1540564    .0580964
       cyy16 |   -.041982   .0520783    -0.81   0.421    -.1443423    .0603784
       cyy17 |  -.1065934   .0505374    -2.11   0.036    -.2059251   -.0072617
       cyy18 |  -.1000817   .0515038    -1.94   0.053    -.2013129    .0011495
       cyy19 |  -.1138755   .0530448    -2.15   0.032    -.2181355   -.0096154
       cyy20 |  -.0314099   .0515175    -0.61   0.542    -.1326679    .0698482
       cyy21 |   .0786686   .0517865     1.52   0.129    -.0231182    .1804555
       cyy22 |  (dropped)
       cyy23 |   .8073662    .426077     1.89   0.059     -.030092    1.644824
       cyy24 |   .8377317   .4259665     1.97   0.050     .0004906    1.674973
       cyy25 |    .820514   .4265641     1.92   0.055    -.0179017     1.65893
       cyy26 |   .8276828   .4262127     1.94   0.053    -.0100422    1.665408
       cyy27 |   .8957584   .4269791     2.10   0.036     .0565272     1.73499
       cyy28 |   .7419062    .411593     1.80   0.072    -.0670835    1.550896
       cyy29 |   .7111324   .4101826     1.73   0.084    -.0950853     1.51735
       cyy30 |   .6826791   .4105276     1.66   0.097    -.1242167    1.489575
       cyy31 |   .7528445   .4130042     1.82   0.069    -.0589191    1.564608
       cyy32 |   .8414136    .414475     2.03   0.043     .0267593    1.656068
       cyy33 |   .7086863   .4271146     1.66   0.098    -.1308112    1.548184
       cyy34 |  -.2674825   .0765861    -3.49   0.001    -.4180132   -.1169518
       cyy35 |  -.2289435   .0792529    -2.89   0.004    -.3847158   -.0731712
       cyy36 |  -.2018013     .07106    -2.84   0.005    -.3414704   -.0621321
       cyy37 |  -.1815469   .0671923    -2.70   0.007     -.313614   -.0494797
       cyy38 |   -.195485   .0584231    -3.35   0.001    -.3103162   -.0806538
       cyy39 |  -.0929092   .0519853    -1.79   0.075    -.1950868    .0092684
       cyy40 |  -.0779443   .0637499    -1.22   0.222    -.2032453    .0473568
       cyy41 |  -.1094274   .0624491    -1.75   0.080    -.2321716    .0133168
       cyy42 |   .0097124   .0662071     0.15   0.883    -.1204183     .139843
       cyy43 |  -.0314235   .0162215    -1.94   0.053     -.063307      .00046
       cyy44 |  (dropped)
      uncons |  -.4833581   .2619618    -1.85   0.066    -.9982465    .0315303
    lfirmage |  -.0240531    .013433    -1.79   0.074    -.0504558    .0023496
      public |   .0199135   .0350371     0.57   0.570    -.0489522    .0887791
      uncons |  (dropped)
     ldegree |   .0438193   .0229652     1.91   0.057    -.0013191    .0889576
 ldegreemiss |   .1459125   .1240711     1.18   0.240    -.0979504    .3897755
         mba |   .0061439   .0062769     0.98   0.328    -.0061934    .0184812
     mbamiss |  -.0853444    .080173    -1.06   0.288    -.2429251    .0722363
        lhrs |  -.0314534   .0117445    -2.68   0.008    -.0545373   -.0083695
       _cons |   4.588106   .3973402    11.55   0.000      3.80713    5.369082
-------------+----------------------------------------------------------------
        sic3 |   absorbed                                      (90 categories)

. 
. *FN34
. areg lpaymanagers management lempm publi cc* if code~=code[_n+1],ab(sic3)

Linear regression, absorbing indicators                Number of obs =     270
                                                       F(  2,   191) =   89.99
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.6768
                                                       Adj R-squared =  0.5448
                                                       Root MSE      =  .44567

------------------------------------------------------------------------------
lpaymanagers |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
  management |   .0099186   .0450259     0.22   0.826    -.0788934    .0987305
       lempm |   .3608901   .0272685    13.23   0.000      .307104    .4146762
      public |  (dropped)
    cceurope |  (dropped)
    ccfrance |  (dropped)
   ccgermany |  (dropped)
        ccuk |  (dropped)
        ccus |  (dropped)
       _cons |   3.683207   .2277983    16.17   0.000     3.233884    4.132531
-------------+----------------------------------------------------------------
        sic3 |        F(76, 191) =      1.272   0.097          (77 categories)

. 
. 
. *FN35
. u realdata,clear

. so code year

. keep if code~=code[_n+1]
(5535 observations deleted)

. gen USGE=(cty=="us"|cty=="gr")

. *Whole sample
. ksmirnov management if management>=1,by(USGE)

Two-sample Kolmogorov-Smirnov test for equality of distribution functions

 Smaller group       D       P-value  Corrected
 ----------------------------------------------
 0:                  0.1424    0.001
 1:                 -0.0076    0.981
 Combined K-S:       0.1424    0.003      0.002

Note: ties exist in combined dataset;
      there are 120 unique values out of 690 observations.

. *Truncated a 2
. ksmirnov management if management>=2,by(USGE)

Two-sample Kolmogorov-Smirnov test for equality of distribution functions

 Smaller group       D       P-value  Corrected
 ----------------------------------------------
 0:                  0.0719    0.217
 1:                 -0.0316    0.744
 Combined K-S:       0.0719    0.430      0.391

Note: ties exist in combined dataset;
      there are 104 unique values out of 647 observations.

. *Truncated version of column 1, table 6
. reg amanagement ccge ccfr ccuk if uncons~=.&amanagement>=2,rob

Linear regression                                      Number of obs =     687
                                                       F(  3,   683) =    1.24
                                                       Prob > F      =  0.2958
                                                       R-squared     =  0.0054
                                                       Root MSE      =  .66072

------------------------------------------------------------------------------
             |               Robust
 amanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
   ccgermany |  -.0153358   .0595876    -0.26   0.797    -.1323326     .101661
    ccfrance |  -.0123977   .0783843    -0.16   0.874     -.166301    .1415055
        ccuk |  -.1278978   .0701528    -1.82   0.069    -.2656388    .0098432
       _cons |   3.344607   .0415215    80.55   0.000     3.263082    3.426132
------------------------------------------------------------------------------

. 
. *FN36
. u realdata,clear

. so code year

. drop if code==code[_n+1]
(5535 observations deleted)

. gen lessthantwo=(amanagement<=2)

. gen good=(famcontrol50_2ceop==0&famceomiss==0&competition==3)

. replace good=. if famceomiss==1|uncons==.
(10 real changes made, 10 to missing)

. *Total percentage of firms in the tail
. su lessthan

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
 lessthantwo |       732    .0696721    .2547677          0          1

. *Breakdown of the tail by types of firms and by country and types of firm
. tab good,su(lessthan)

            |       Summary of lessthantwo
       good |        Mean   Std. Dev.       Freq.
------------+------------------------------------
          0 |   .09661836   .29579484         414
          1 |   .02922078   .16869892         308
------------+------------------------------------
      Total |   .06786704   .25169196         722

. tab good if cty=="us",su(lessthan)

            |       Summary of lessthantwo
       good |        Mean   Std. Dev.       Freq.
------------+------------------------------------
          0 |   .05223881   .22334316         134
          1 |   .00641026   .08006408         156
------------+------------------------------------
      Total |   .02758621   .16406715         290

. tab good if cty~="us",su(lessthan)

            |       Summary of lessthantwo
       good |        Mean   Std. Dev.       Freq.
------------+------------------------------------
          0 |   .11785714   .32301622         280
          1 |   .05263158   .22403505         152
------------+------------------------------------
      Total |   .09490741   .29342681         432

. 
. *FN38
. su lessthan

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
 lessthantwo |       732    .0696721    .2547677          0          1

. su lessthan if competition==3

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
 lessthantwo |       330    .0424242    .2018611          0          1

. 
. *FN39
. u realdata,clear

. so code year

. keep if code~=code[_n+1]
(5535 observations deleted)

. tab cceurope  if uncons~=.&emp<=1500,su(emp)

  France or |
    Germany |
  (based on |
         UK |
 definition |    Summary of Rate of employment
         of |          growth/shrinkage
Europe....) |        Mean   Std. Dev.       Freq.
------------+------------------------------------
          0 |   483.58845   373.98944         277
          1 |   504.19355   357.08457         217
------------+------------------------------------
      Total |   492.63968   366.43473         494

. 
. reg amanagement ccge ccfr ccuk public lemp if uncons~=.&emp<=1500,rob

Linear regression                                      Number of obs =     494
                                                       F(  5,   488) =    4.65
                                                       Prob > F      =  0.0004
                                                       R-squared     =  0.0472
                                                       Root MSE      =  .76794

------------------------------------------------------------------------------
             |               Robust
 amanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
   ccgermany |  -.2605174   .1110456    -2.35   0.019     -.478704   -.0423309
    ccfrance |  -.3155246   .1285224    -2.46   0.014    -.5680501    -.062999
        ccuk |  -.4122945   .1199544    -3.44   0.001    -.6479853   -.1766037
      public |  -.0822537   .0992792    -0.83   0.408    -.2773211    .1128137
       lempm |   .1333524   .0510527     2.61   0.009     .0330422    .2336625
       _cons |   2.618765   .2898242     9.04   0.000     2.049308    3.188222
------------------------------------------------------------------------------

. gen ccukfr=(cty=="uk"|cty=="fr")

. reg amanagement ccge ccukfr lemp if uncons~=.&public==1,rob

Linear regression                                      Number of obs =     419
                                                       F(  3,   415) =    1.44
                                                       Prob > F      =  0.2307
                                                       R-squared     =  0.0111
                                                       Root MSE      =  .70809

------------------------------------------------------------------------------
             |               Robust
 amanagement |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
   ccgermany |  -.0938411   .0796566    -1.18   0.239    -.2504219    .0627396
      ccukfr |  -.1966013   .1044957    -1.88   0.061    -.4020083    .0088056
       lempm |   .0189683   .0284404     0.67   0.505    -.0369369    .0748736
       _cons |   3.183849   .2077601    15.32   0.000     2.775456    3.592243
------------------------------------------------------------------------------

. 
. 
. log close
       log:  D:\data\Management\QJE\QJE_DATA1\realdata.log
  log type:  text
 closed on:  31 Dec 2007, 07:03:43
------------------------------------------------------------------------------------------------------------------------------------------------------------
